IPN acquires French company UPD

Inspired Pet Nutrition (IPN), the fast-growing international pet food company controlled by CapVest Partners LLP (CapVest), has entered into exclusive discussions with Eurazeo regarding the sale of Ultra Premium Direct (UPD), France’s leading direct-to-consumer (D2C) online pet food company. Founded in 2013, UPD has established itself as a leading player in the French premium pet food market and is now recognised as the top D2C online brand in the segment, recognised for its exceptional customer experience and already serving over 285,000 active customers.

UPD combines high-quality, veterinarian-developed products with a direct factory-to-consumer model, offering a unique premium yet affordable proposition. Leveraging its data-driven approach, the company is now building a powerful omnichannel strategy to further strengthen loyalty and engagement.

Having announced the acquisition of Sopral last month, IPN’s proposed acquisition of UPD will create a major independent and international branded pet food platform in Europe with leading brands in both the UK and France supported by world-class digital and manufacturing capabilities.

Since its investment, Eurazeo has actively supported UPD's founders and management in strengthening its brand positioning, expanding its premium product range, and reinforcing its leadership team. Eurazeo also backed key initiatives in omnichannel strategy, organisation and Corporate Social Responsibility (CSR) enabling UPD to scale rapidly and solidify its market leadership with improved profitability.

Under the terms of this agreement, Eurazeo, Eutopia (historical minority shareholder) and other minority shareholders would sell their entire stake in UPD. The finalisation of the transaction remains subject to the conclusion of the information and consultation process with the company’s trade unions, as well as to approval from the competition authorities. It should be finalised in the fourth quarter of 2025.

This new transaction, following the recent sales of Albingia, CPK and Cognigy, underscores the quality of Eurazeo’s portfolio and its ability to deliver profitable exits. In total, exits completed or announced year-to-date for Eurazeo’s balance sheet represent nearly 1.1 billion euros, or 14% of the portfolio, with valuations in line or above their carrying value.

Arthur van Benthem, CEO of IPN, praised the impressive growth in both sales and profitability of UPD. “It brings with it a sophisticated, proven e-commerce platform with significant international growth potential, a rapidly expanding mono-brand store network, and another outstanding brand to our portfolio.”

Pierre Meignen, Head of Eurazeo Elevate added: “We are very proud to have supported the founders and management team of UPD through every key stage of their development and to have stood by their side in creating a French leader in the pet food ecosystem.”