Following rumours last month, it has been announced today that Inspired Pet Nutrition (IPN), the UK-based pet food company controlled by private equity firm CapVest, has acquired rival Butcher’s Pet Care (BPC).
BPC was founded in 1983 and is one of the UK’s leading manufacturers of wet food for dogs and cats. It markets products under three brands: Butcher’s, Blink! and Classic. The company also manufactures own-label pet food for a range of customers, including multiples and specialist pet shops, at its factory in Crick, Northamptonshire.
Headquartered in Thirsk, North Yorkshire, IPN is best known for its Harringtons and Wagg brands. The firm was acquired by CapVest in 2020 and subsequently acquired Pet Food UK in 2021 along with its pet food brands ‘Barking Heads’ and ‘Meowing Heads’.
Arthur van Benthem has been appointed as the new CEO of the enlarged group, which will have combined gross sales of approximately £350m, predominantly comprising branded products. With a background in sales & marketing, he has held executive leadership roles across several markets with companies such as Unilever, Coca-Cola Company, Royal FrieslandCampina, Imperial Brands, and most recently Dunlop.
A statement said that Van Benthem will lead IPN’s “ambitious growth strategy”, noting that he has extensive experience working with management teams and private equity owners to grow and develop international businesses.
Van Benthem commented: “Butcher’s brand portfolio and business is highly complementary to IPN and consistent with our vision and strategy to expand the business and create a portfolio of natural, wet and dry pet food brands with superior nutrition, which is affordable and accessible to all pet owners. Strategically, it also provides us with an established platform and opportunity to expand our presence in the growing European pet food market.
“On completion of the transaction, we look forward to welcoming our new Butcher’s colleagues into the IPN family and working with them to realise our joint growth ambitions for the future.”
Kate Briant, Senior Partner at CapVest, added: “Butcher’s is a great addition to the IPN platform, creating a business of greater scale and presence across a range of categories, channels and customer segments. It also creates a solid platform to pursue further organic and acquisition-led growth with a particular focus on Europe and we are delighted to have a CEO of Arthur van Benthem’s calibre ready to lead this plan with his extensive brand, financial, strategy and leadership experience.”
Meanwhile, Tim Watsham, CEO of Butcher’s Pet Care, said: “Joining forces with IPN and CapVest is a fantastic opportunity for Butcher’s … We look forward to leveraging IPN and CapVest’s resources and expertise to pursue our growth ambitions and continue delivering high-quality products to our customers.”
Terms of the transaction were not disclosed. Completion is expected to take place in the fourth quarter of this year.
NAM Implications:
- What now?
- Given the mix of brand strengths and management expertise…
- …the combined companies can be expected to move forward based on brand optimisation.
- Logically, someone will have reviewed each company’s assets…
- …and explored ways of combining/rationalising overheads…
- …and optimising staffing resources.
- Anticipate some rationalising of brand portfolios…
- …and redefinition of core brands.
- Then for some selling…
