Advent plans sale of Partner in Pet Food, say sources-Reuters

(Reuters) – Partner in Pet Food (PPF), a European pet food maker, has been put up for sale by private equity firm Advent International, sources familiar with the matter said on Monday.

The move by Advent is the latest in a string of deals in a growing and increasingly lucrative pet care industry.

Annual operating income at Hungary’s PPF is estimated at between 30 million euros ($33.7 million) and 35 million euros, one of the sources said. That could lead to an asking price of more than 300 million euros, another of the sources said.

J.M. Smucker last month said it would buy Big Heart Pet Brands, maker of Meow Mix and Milk Bone, for $3.2 billion. Last year Procter & Gamble sold the bulk of its pet food business to Mars Inc for $2.9 billion.

Advent bought Budapest-based company PPF, Europe’s second-biggest provider of private-label pet food, from Permira in 2011 for 188 million euros. The company reported 2014 sales of 235 million euros.

Advent is being advised by JP Morgan, the sources said.

Officials for PPF, Advent and JP Morgan declined to comment.