Advent, CVC collaborate on bid for European pet food giant PPF: Report

Private equity giants Advent International and CVC Capital have joined forces in a bid to acquire Partner in Pet Food (PPF), a prominent player in the animal food industry in Europe, currently owned by Cinven, according to a report by the Financial Times on Sunday.

While negotiations are underway, the outcome remains uncertain, according to the report, quoting people familiar with the matter.

Previously, Cinven had set a valuation target of approximately 2 billion euros ($2.16 billion) for PPF, as per the report.

PPF, headquartered in Hungary, emerged through a series of acquisitions between 2000 and 2006. The company boasts a significant presence across Europe, operating in key markets such as France, Italy, and Germany, according to its official website.

Cinven acquired PPF in 2018. Notably, Advent International had previously held ownership of the business in 2011 before divesting it to Pamplona Capital Management for 315 million euros in 2015.