Houlihan Lokey Advises Butcher’s Pet Care
Houlihan Lokey is pleased to announce that Butcher’s Pet Care (BPC) has been acquired by Inspired Pet Nutrition (IPN), a portfolio company of CapVest. The transaction closed on 1 October 2024.
BPC was founded in 1983 and is the U.K.’s largest dog food brand, as well as one of the U.K.’s leading 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 major multiples and specialist pet retailers, and holds an established position in Poland, where Butcher’s is the No. 2 dog food brand. BPC operates a well-invested 385,000-square-foot manufacturing and distribution facility located in Crick, Northamptonshire.
Based 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 U.K. in 2021 along with its high-quality and distinctively branded premium dog and cat pet food brands Barking Heads and Meowing Heads (also advised by Houlihan Lokey).
Headquartered in London and founded in 1999, CapVest is a leading middle-market private equity investor specialising in buyout transactions within the staple consumer goods, healthcare, and essential services industries across Europe and North America. CapVest has established a strong record of success in delivering attractive returns by transforming the size and scale of its portfolio companies through a combination of organic and acquisition-led growth.
Houlihan Lokey served as BPC’s exclusive financial advisor and assisted in initiating, structuring, and negotiating all commercial aspects of the transaction on its behalf. The transaction underscores Houlihan Lokey’s deep expertise in the pet sector, following other successful transactions, including General Atlantic’s investment in Butternut Box; the merger between Natural Balance Pet Foods and Canidae LLC; and the sales of Jollyes to TDR Capital, Pet Food U.K. to IPN, Zesty Paws to H&H Group, Whitebridge Pet Brands to NXMH, Forthglade to IK Partners, and Lily’s Kitchen and Tails.com to Nestlé Purina.
RELATED: Consumer, Mergers & Acquisitions