Houlihan Lokey Advises Butternut Box

Houlihan Lokey is pleased to announce that it has advised Butternut Box on a significant strategic investment from L Catterton Europe, the largest consumer-focused private equity firm in the world. The transaction signed and funded on 12 February 2020.

Founded in 2016, Butternut Box is the leading human-grade, freshly cooked dog food company in Europe. The company’s highly personalised dietary offering and digital approach enable customers to experience a new category of fresh, healthy dog food with unsurpassed quality, convenience, and affordability. Since launching in 2016, Butternut Box has produced more than 20 million fresh meals for dogs across the UK and is now the largest fresh dog food manufacturer in Europe. The investment is expected to support Butternut’s operational enhancements as well as its growth and diversification in existing and new channels. The company’s current investors include White Star Capital, 5 Seasons Ventures, Passion Capital, and Literacy Capital.

With approximately $20 billion of equity capital across seven fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world. L Catterton's team of more than 190 investment and operating professionals partner with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has completed more than 200 investments in leading consumer brands.

This transaction underscores Houlihan Lokey’s deep expertise in the pet food sector, following deals with Tails.com, DogBuddy, "I and love and you," Natures Menu, Pet Supplies Plus, and Manna Pro. The transaction also strengthens the firm's track record working with the consumer industry’s most innovative early-stage leaders and disruptors and underlines the firm's increasing focus on providing private capital funding advice to clients.