Provimi sells its pet food activities to Advent International

The Provimi Group, a world leader in animal nutrition, has reached agreement to sell its pet food activities, Provimi Pet Food (PPF), to private equity firm Advent International for an enterprise value of €188 million ($266 million).

Headquartered in Budapest, PPF is a European leader in pet food, with total sales of €236 million ($334 million) in 2010 and around 1,000 employees. PPF serves customers in 27 countries from 8 production locations throughout Europe. PPF has a strong position as preferred pet food supplier for large retail food chains across Europe. Advent International is committed to supporting the existing growth ambitions for the business and exploring potential opportunities in new markets and new product development.

Provimi has managed its pet food business separately from its core animal nutrition business as the two have different profiles and dynamics. Following this sale, Provimi will be able to concentrate on the extensive growth opportunities available in the animal nutrition industry. The sale of the pet food activities completes the process, started with the disposal of the fish feed activities, of focusing Provimi on its core animal nutrition business.