L Catterton made a significant strategic investment in Butternut Box, a European fresh food delivery brand for dogs. L Catterton will partner with Butternut’s team to work on accelerating growth. L Catterton’s investments in the pet food and pet care segments include Ainsworth (the parent company of the Nutrish brand), Iandloveandyou, Inspired Pet Nutrition, Just Food For Dogs, PetVet Care Centers, Nature’s Variety and Wellness Pet Food.
Butternut Box, the leading fresh food delivery brand for dogs in Europe, today announced that it has received a significant strategic investment from the European fund of L Catterton, the largest and most global consumer-focused private equity firm. L Catterton will partner with Butternut’s team to accelerate the company’s growth.
Founded in 2016, Butternut is the leading human-grade, cooked fresh dog food company in Europe. Butternut’s highly personalised dietary offering and digital approach enable customers to experience a new category of fresh, healthy dog food with unsurpassed quality, convenience and affordability. The investment is expected to support Butternut’s operational enhancements as well as its growth and diversification in existing and new channels.
“Butternut is driven by our founding purpose of delivering health and happiness to dogs and their humans all over the world. With L Catterton’s support, we will accelerate investments in supply chain, manufacturing, marketing and new offerings in order to expand our base of customers who love feeding their dogs with personalised, nutritional and delicious meals and treats,” said Butternut Co-Founder Kevin Glynn. “We are excited to be partnering with L Catterton. By leveraging L Catterton’s deep customer insights, global network and vast experience with pet food brands, Butternut will be able to bring our caring, health-conscious and data-driven approach to dog food to more customers than ever before,” added Butternut Co-Founder David Nolan.
“Over the past four years, Butternut has established a very strong base of loyal customers in the U.K. through an innovative digital platform, playful customer engagement and fresh, high quality products,” said Jean-Philippe Barade, Partner, L Catterton Europe, and head of the Firm’s London office. “We believe Butternut has a significant opportunity to expand further in a rapidly growing category and is well positioned to benefit from strong consumer trends among pet owners, including the increasing demand for high quality ingredients, healthier choices and personalised offerings. We look forward to working with Kevin, David, the talented Butternut team and all existing investors whilst leveraging L Catterton’s industry expertise to realize the immense potential of the brand.”
L Catterton has significant experience investing in the pet food and pet care categories, with current and past investments including Ainsworth (the parent company of the Nutrish brand), Iandloveandyou, Inspired Pet Nutrition, Just Food For Dogs, PetVet Care Centers, Nature’s Variety and Wellness Pet Food.
White Star Capital and Five Seasons Ventures continued to support the company and also participated in the investment round. The exact terms of the transaction were not disclosed.
Butternut was advised by Houlihan Lokey and Orrick, and L Catterton was advised by Mayer Brown.
About Butternut Box
Butternut is the leading human-grade, cooked fresh dog food company in Europe. Butternut’s highly personalised dietary offering and digital approach enable customers to experience a new category of fresh, healthy dog food with unsurpassed quality, convenience and affordability. Since launching in 2016, Butternut has produced more than 20 million fresh meals for dogs across the UK and is now the largest fresh dog food manufacturer in Europe. Looking ahead, Butternut will be expanding into more channels and dog categories such as treats, supplements, toys and accessories. Butternut’s current investors include White Star Capital, Five Seasons Ventures, Passion Capital and Literacy Capital.
About L Catterton
With approximately $20 billion of equity capital across seven fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world. L Catterton’s team of more than 190 investment and operating professionals partner with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the Firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH, and Groupe Arnault. For more information about L Catterton, please visit www.lcatterton.com.