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Freshfields advises General Atlantic on its investment in Butternut Box

Freshfields Bruckhaus Deringer (‘Freshfields’) has advised General Atlantic, a leading global growth equity investor, on its investment in Butternut Box, a UK-based fresh dog food company known for its innovative approach to pet food. General Atlantic’s investment was part of Butternut Box’s latest funding round which raised £280m. Existing investor L Catterton also participated in the round.

Butternut Box is Europe’s largest fresh dog food brand, feeding dogs in the UK, Ireland, the Netherlands, Belgium, and most recently Poland following its April 2023 acquisition of PsiBufet, one of the leading fresh dog food companies in Central and Eastern Europe. Since its inception in 2016, Butternut Box has grown rapidly, raising over £100m to date including investments from L Catterton, White Star Capital, Five Seasons Ventures, Passion Capital, Literacy Capital, Claret Capital, and HSBC.

The transaction is expected to complete in Q4 2023.

The Freshfields team advising on the transaction was led by partners Mark Brewer and Victoria Sigeti, and associates Charles Wakeford and Nick Surgey. They were supported by a cross-border team including partners Paul van den Berg, Jill Gatehouse, Andrea Basham and Joe Soltis.