- Combined group will have sales in excess of £350 million
- Arthur van Benthem to assume role of CEO to lead strategic growth
Inspired Pet Nutrition ("IPN"), the independent UK pet food company controlled by CapVest Partners LLP ("CapVest"), is pleased to announce the acquisition of Butcher's Pet Care ("BPC"), a leading manufacturer of high-quality wet pet food.
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Butcher's Pet Care (Graphic: Business Wire)
Terms of the transaction are not being disclosed.
BPC was founded in 1983 and is one of the UK's leading wet pet food manufacturers, providing wet dog and cat food products under three brands: Butcher's dog food, offering affordable high-quality, naturally nourishing food for dogs; Blink!, a premium natural wet cat food brand; and Classic, an affordable, natural, complete cat food brand. The award-winning company also manufactures own-label pet food for a range of customers, including multiples and specialist pet shops, and holds an established position in Poland, where Butcher's is the #2 dog food brand. BPC operates a well-invested 385,000 sq ft manufacturing and distribution facility located in Crick, Northamptonshire.
IPN has also announced it will appoint Arthur van Benthem as CEO of the enlarged group, which will have combined gross sales of approximately £350 million, predominantly comprising branded products. Van Benthem will lead IPN's ambitious growth strategy and has extensive experience working with management teams and private equity owners to grow and develop international businesses. With a background in sales marketing, he has held executive leadership roles across several markets in EMEA, USA, and the Asia/Pacific region with companies such as Unilever, the Coca-Cola Company, Royal FrieslandCampina, Imperial Brands and most recently Dunlop.
Van Benthem said: "Butcher's brand portfolio and business is highly complementary to IPN and consistent with our vision and strategy to expand the business and create a portfolio of natural, wet and dry pet food brands with superior nutrition, which is affordable and accessible to all pet owners. Strategically, it also provides us with an established platform and opportunity to expand our presence in the growing European pet food market. On completion of the transaction, we look forward to welcoming our new Butcher's colleagues into the IPN family and working with them to realise our joint growth ambitions for the future."
Kate Briant, Senior Partner at CapVest, said: "Butcher's is a great addition to the IPN platform, creating a business of greater scale and presence across a range of categories, channels and customer segments. It also creates a solid platform to pursue further organic and acquisition-led growth with a particular focus on Europe and we are delighted to have a CEO of Arthur van Benthem's calibre ready to lead this plan with his extensive brand, financial, strategy and leadership experience. This deal is a great example of CapVest's passion for building strong, differentiated global companies through significant investment in people, technology, innovation, and capabilities. We look forward to continuing to work with the team to strengthen IPN's prospects and optimally position the business for a multitude of growth opportunities in the future."
Tim Watsham, CEO of Butcher's Pet Care, commented: "Joining forces with IPN and CapVest is a fantastic opportunity for Butcher's. Together, we share a passion for providing the best nutrition for pets and a commitment to excellence. We look forward to leveraging IPN and CapVest's resources and expertise to pursue our growth ambitions and continue delivering high-quality products to our customers."
Headquartered in Thirsk, North Yorkshire, IPN is best known for its high-quality natural dog meals and pet treats under the "Harringtons" and "Wagg" brands. With a strong commitment to natural, high-quality ingredients, IPN is dedicated to providing affordable and nutritious pet food that supports the health and well-being of pets. The firm was acquired by international investment firm and buy-and-build specialist CapVest in 2020 and subsequently acquired Pet Food UK in 2021 along with its high quality and distinctively branded premium dog and cat pet food brands "Barking Heads" and "Meowing Heads".
Completion of the deal is expected to take place in the fourth quarter of 2024.
IPN was advised by Harris Williams and Raymond James.
The shareholders of Butcher's were advised by Houlihan Lokey.
About CapVest
CapVest is a leading international private equity investor that partners with ambitious companies supplying essential goods and services to transform their businesses. As an active and patient investor, CapVest has established a strong record of success in delivering attractive returns by working closely with management in transforming the size and scale of its portfolio companies through a combination of organic and acquisition led growth.
CapVest seeks to invest in highly resilient industries where the demand driver for the product or service is non-discretionary. Its core sectors include consumer staples, healthcare and essential services.
About Arthur van Benthem
With a background in sales marketing, Arthur van Benthem has held executive leadership roles across several markets in EMEA, USA, and the Asia/Pacific region with companies such as Unilever, the Coca-Cola Company, Royal FrieslandCampina, Imperial Brands and most recently Dunlop.
A Dutch national, Van Benthem holds an MBA from Rotterdam School of Management and degrees from Delft University of Technology, the Wharton School and Mercer University. He serves as Supervisory Board member and Chairman of the Remuneration Committee of TIAS School for Business and Society, and has worked as a senior external advisor for Bain Company as well as McKinsey.
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