Houlihan Lokey Advises Pet Food UK

Houlihan Lokey is pleased to announce that the shareholders of Pet Food UK (PFUK), including Piper Private Equity and the founders, have sold PFUK to Inspired Pet Nutrition (IPN), a portfolio company of CapVest. The transaction closed on 23 December 2021.

Founded in 2009 and headquartered in Hemel Hempstead, England, Pet Food UK sells high-quality and distinctively branded premium dog and cat pet food and treats in the UK and internationally. Its key brands, “Barking Heads” for dogs and “Meowing Heads” for cats, are predominantly premium natural pet food ranges formulated with the highest quality ingredients. The brands are synonymous with quirky names such as “Fat Dog Slim” and “So-fish-ticated Salmon,” highly distinctive packaging, and strong consumer loyalty. In 2014, PFUK introduced the “AATU” brand, an uber-premium product following the 80/20 rule (80% meat, 20% vegetables), which was the world’s first single-protein-source dry pet food.

IPN is a market leader across bricks and mortar and online channels and is best known for its high-quality natural dog meals and pet treats under the “Harringtons” and “Wagg” brands. IPN was acquired by international investment firm and buy-and-build specialist CapVest in December 2020. The acquisition of PFUK is the start of an ambitious growth strategy, which will help IPN build scale and internationalise over the coming years.

Houlihan Lokey served as Pet Food UK’s exclusive financial advisor and assisted in initiating, structuring, and negotiating all aspects of the transaction on its behalf. This deal further highlights Houlihan Lokey’s deep pet food expertise, following other successful transactions involving Forthglade, Lily’s Kitchen, Tails.com, Butternut Box, DogBuddy, and Zesty Paws, cementing its leadership position in the pet food sector and further strengthening its track record of working with the consumer industry’s most innovative founder-owned businesses.