Advent International and CVC Capital have allied to pursue Partner in Pet Food (PPF), a company specializing in animal nutrition currently under the ownership of Cinven, as reported by the Financial Times over the weekend.
“The talks are underway, but the outcome remains uncertain,” disclosed individuals familiar with the situation, according to the newspaper.
Previously, Cinven had indicated a valuation target of around 2 billion euros ($2.16 billion) for PPF, as outlined in the report.
Advent, CVC, and Cinven all abstained from providing comments on the matter, while PPF has yet to respond to request for input.
PPF, headquartered in Hungary, came into existence through a sequence of acquisitions spanning from 2000 to 2006.
As detailed on its official website, its operational footprint extends across Europe, including key markets like France, Italy, and Germany.
Cinven initially acquired PPF in 2018. Notably, Advent had previously held ownership of the business in 2011, subsequently divesting it to Pamplona Capital Management for 315 million euros in 2015.
