Swedish Voff Premium Pet Food sells majority interest to PE company Axcel
Swedish Voff Premium Pet Food has sold a majority stake in the Nordic-focused private equity company Axcel.
Stockholm-based Voff Premium Pet Food delivers eight cat and dog food brands that have largely been acquired through M&A, as well as goodies and food supplements that are manufactured at six factories spread across Finland, Germany and the United Kingdom. The business generates annual revenues of SEK 1.0 billion (USD 97.4 million) and has approximately 300 employees.
Voff Premium Pet Food was founded in 2014 and sells its products online via the direct-to-consumer channel (D2C) and to independent retailers of pet food. Its portfolio consists of the Dibo, Barfgold and Haustierkost brands, manufactured in Germany, and the Oscar and Rauh lines manufactured in Finland. It also supplies the Nutriment brand from the UK and is also the owner of the AntiForte supplement range.
Leo & Wolf is Voff Premium Pet Foods’ only internal brand with the rest of the portfolio inherited through acquisitions, a spokesman for Axcel confirmed.
Voff Premium Pet Food said that they have “strong market positions” in the Nordic countries, Germany and the United Kingdom.
CEO Mårten Bernow said: “We look forward to working with Axcel and building on the leading European platform we have created in first-class natural animal feed. Together we will continue our ambitious growth strategy and European expansion through strategic acquisitions and drive organic growth through a unique combination of strong customer relationships, a convincing D2C offering and proven product development. ”
With headquarters in Copenhagen, Denmark, with offices in Stockholm, Axcel was founded in 1994 and operates six funds. The private equity investor has spent EUR 2.8 billion (USD 2.8 billion) on capital commitments.
Voff Premium Pet Food has been acquired from the Swedish growth investor Systematic Growth, senior executives and “other key employees”, said Axcel and added that the staff will hold a minority stake.
The transaction is subject to regulatory approval but is expected to be completed during the current third quarter.
Asbjørn Mosgaard Hyldgaard, partner at Axcel, said: “Voff is an exciting opportunity for Axcel to benefit from our experience in the pet and consumer sectors. Mårten and the broader management team have a clear vision to further advance their leading position in Europe through to continue Voff’s impressive growth journey in current and new markets. ”