Houlihan Lokey Advises Lily's Kitchen

Houlihan Lokey is pleased to announce that Lily's Kitchen, a portfolio company of L Catterton, has been acquired by Nestlé Purina PetCare. The transaction was signed and closed on 31 March 2020.

Established 12 years ago in founder Henrietta Morrison’s kitchen in London, Lily’s Kitchen has become an internationally recognised £85 million retail brand offering natural recipes for dogs and cats across 6,000 stores in 30 countries. Particularly popular among younger pet owners and millennials, the pioneering brand was awarded the Royal Warrant from HRH The Prince of Wales last year.  

Premium natural food represents one of the fastest growing segments in the pet food category, accounting for 6% of total pet food with growth of 10%.

With the backing of L Catterton, Lily’s Kitchen has recently expanded into the Middle East and Asia and already has a growing presence in France, Spain, Italy, Netherlands, Switzerland, and Germany. Lily’s Kitchen will continue to be run as a stand-alone business from its base in Fitzrovia, London. 

This transaction underlines the trends of humanisation and premiumisation within the pet food market that have been growing for some time now. Following recent successes involving Butternut Box, Tails.com, DogBuddy, I and love and you, Natures Menu, Pet Supplies Plus, and Manna Pro, this transaction reinforces Houlihan Lokey's leading global franchise in the pet industry, as well as in the high-growth, disruptive consumer branded space.

Houlihan Lokey acted as the exclusive financial advisor to the sellers and assisted negotiating the transaction on their behalf.