Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) is advising international private equity firm Cinven on its agreement to sell a majority stake in Partner in Pet Food (‘PPF’), an industry leading pan-European pet food manufacturer, to funds managed by CVC.

The transaction is subject to regulatory approvals and other customary closing conditions.

PPF produces a full range of pet food products from facilities around Europe and supplies more than 280 customers across more than 35 countries, including speciality pet retailers, general food retailers, discounters, and online specialists. Its product range includes both private label and branded pet food and covers all categories, quality tiers and price points, including wet and dry food, snacks and treats in a variety of serving formats. PPF is one of few truly pan-European pet food companies. In 2023, it manufactured c.700 thousand tons of pet food and generated revenues of approximately €800 million.

The Freshfields team is being led by private capital partner Victoria Sigeti and senior associate Angus Scott alongside associates Charles Wakeford and Stephanie Paterson. Advice on financing is being provided by partner Aled Batey. Partner May Smith is advising on tax matters and partner Martin McElwee on antitrust matters.

This latest sale carries on Freshfields’ long-standing relationship with Cinven, having recently advised Cinven on its funds’ investments in Alter Domus and group.One and its acquisitions of Master Builders Solutions, Netceed and life insurer International Financial Group Limited.