Houlihan Lokey Advises Forthglade

Houlihan Lokey is pleased to announce the sale of Forthglade, the UK's leading branded natural dog food manufacturer, to IK Investment Partners Ltd. (IK). The transaction signed and closed on 28 August 2020. The financial terms are undisclosed.

Based in Devon, England, Forthglade has been producing high-quality natural dog food for nearly 50 years. The company develops its own recipes using a combination of nutritionally balanced ingredients with added vitamins and minerals that contain no colours, flavours, or preservatives. In September 2015, Piper Private Equity (Piper) invested in Forthglade alongside current joint Managing Directors Chris Brooking and Gerard Lovell. Together, they have enabled the business to increase its branded sales in excess of 4x. Today, Forthglade is the fastest-growing omnichannel natural pet food brand in the UK, with a significant presence in grocery stores, independent pet stores, and across direct-to-consumer channels. Mr. Brooking and Mr. Lovell will continue to lead the business alongside IK.

Founded in 1985, Piper is a leading private equity firm focused on the consumer space. The firm has a long-standing track record in backing ambitious entrepreneurs and has invested in more than 40 brands across 70 countries.

IK is a European private equity group with a 30+ year heritage of building stronger companies. The firm focuses on delivering long-term, positive change to the companies it works with and has made more than 130 investments to date. Forthglade represents IK's first investment in the UK.

Houlihan Lokey served as the exclusive financial advisor to Forthglade’s shareholders and negotiated all aspects of the transaction on their behalf. This is the third European pet food transaction completed by Houlihan Lokey in the past eight months (following the capital raise for Butternut Box led by L Catterton and the sale of Lily’s Kitchen to Nestlé Purina PetCare) and the second under the COVID-19 lockdown, which further strengthens its leadership position in the industry.