Private equity giants Advent International and CVC Capital have joined forces to bid for Partner in Pet Food (PPF), a leading European pet food producer currently under the ownership of Cinven. Despite ongoing discussions, the potential deal remains uncertain, with Cinven previously seeking a valuation of around €2 billion for PPF. Established through a series of acquisitions by Dutch company Provimi, PPF operates across 38 countries, boasting an extensive production network spanning 11 factories across Europe. Under Cinven’s ownership, PPF has experienced significant growth, with sales reaching approximately €690 million in 2022 and surging to €800 million in 2023.
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