PPF in £165.7m management buyout
Provimi Pet Food (PPF), which has a base in Lichfield, has undergone a €188m (£165.7m) management buyout by private equity firm Advent International. The Birmingham office of Clearwater Corporate Finance advised on the deal.
PPF, described as the third largest producer of private label wet and dry pet food in Europe, supplies approximately 280 customers in 27 markets.
It has bases in Lichfield in Staffordshire and Thirsk in North Yorkshire though it is headquartered in Budapest. It employs about 1,000 staff and has eight production facilities across Europe. In 2010, the company reported total sales of €236m (£207.95m).
The investment by Advent International aims to support PPF’s growth plans, which is said to be focused on "increasing its market share through organic growth, developing a new range of products and services and entry into new markets".
The acquisition debt was arranged by Erste Group Bank, Raiffeisen Bank International and UniCredit.
The Clearwater team that advised the management team was led by managing partner Phil Burns and supported by partner Nick Jones.
Burns said: "Birmingham’s professional and financial community is becoming increasingly competitive on an international level for big deals as it seeks opportunities from outside of the region. The Provimi acquisition demonstrates that firms within the city have the expertise and network to pull off these deals with great success."
Mark Beardmore and Tim Lake, from the Birmingham office of DLA Piper, provided legal advice to the management team.
The transaction is expected to complete within the next two months following regulatory and works council processes.
