Provimi sells its pet food activities

The Provimi Group 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 m. Headquartered in Budapest, PPF is a European leader in pet food, with total sales of €236 million in 2010 and around 1 000 employees. PPF serves customers in 27 countries from 8 production locations throughout 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. The transaction is expected to be completed within the next two months following regulatory and works council processes. Credit Suisse acted as financial adviser to Provimi on the transaction.