Eurazeo has entered into exclusive discussions with INSPIRED PET NUTRITION (“IPN”), the fast-growing international pet food company owned by CapVest Partners LLP (“CapVest”), regarding the sale of Ultra Premium Direct (“UPD”), the French leader in direct-to-consumer (D2C) pet food.
Founded in 2013, UPD has established itself as a major player in the French premium pet food market. Recognized as the leading direct-to-consumer (D2C) brand in this segment, it is renowned for its exceptional customer experience and already serves more than 285,000 active customers. UPD combines high-quality, veterinarian-developed products with a factory-to-consumer model, delivering a unique and affordable premium offering. With its data-driven approach, the company is currently developing a powerful omnichannel strategy to strengthen customer loyalty and engagement.
Following the announcement of the acquisition of Sopral last month, IPN’s proposed acquisition of UPD will create a leading independent, international branded pet food platform in Europe, with leading brands in the UK and France, supported by world-class digital and manufacturing capabilities.
Since its investment, Eurazeo has actively supported UPD’s founders and management to help them strengthen their brand positioning, expand their premium product range, and consolidate the leadership team. Eurazeo has also supported key initiatives in omnichannel strategy, organization, and corporate social responsibility (CSR), enabling UPD to rapidly expand and consolidate its market leadership position through increased profitability.
Under the terms of the proposed agreement, Eurazeo, Eutopia (a historical minority shareholder), and other minority shareholders would sell their entire stake in UPD. This agreement further illustrates Eurazeo’s strategy of supporting ambitious and responsible companies, as well as its ability to build leading and attractive companies for their strategic partners, while creating long-term value for its customers and shareholders.
The completion of the transaction, expected in the fourth quarter of 2025, remains subject to the outcome of the information and consultation process with the company’s unions, as well as the approval of the competition authorities.
This latest transaction, which follows the recent disposals of Albingia, CPK, and Cognigy, underscores the quality of Eurazeo’s portfolio and its ability to achieve profitable exits. In total, exits completed or announced since the beginning of the year represent nearly EUR 1.1 billion, or 14% of the portfolio, with valuations in line with or above their book value.
Arthur van Benthem, CEO of IPN, said:
UPD has delivered impressive growth in both sales and profitability and represents a major strategic asset for IPN. It brings a sophisticated and proven e-commerce platform with strong international growth potential and a rapidly expanding monobrand store network. UDP will be an exceptional new brand to add to our portfolio. Its businesses are highly complementary to those of IPN and Sopral. By combining UPD’s direct-to-consumer strengths, Sopral’s extensive manufacturing capabilities, and IPN’s broader network and customer base, we have tremendous opportunities to accelerate our ambitious growth plans in Europe. We look forward to working with our expanded team to realize this potential.
Pierre Meignen, director of Eurazeo Elevate, said:
We are very proud to have supported UPD’s founders and management team at every key stage of their development, and to have contributed to the creation of a French leader in pet food. We thank IPN for the trust it has placed in UPD and are confident that this partnership will enable the company to embark on a new phase of promising growth. This potential transaction perfectly illustrates Eurazeo’s strategy to support future European leaders in SME acquisitions.
ABOUT EURAZEO
- Eurazeo is a leading European investment group managing €36.8 billion in diversified assets, including €27.5 billion for institutional and individual clients, across private equity, private debt, real estate, and infrastructure strategies. The Group supports more than 600 mid-market companies, leveraging the commitment of its 400 employees, its sector expertise, its privileged access to global markets via its thirteen offices in Europe, Asia, and the United States, and its responsible approach to growth-based value creation. Its institutional and family shareholder base and solid financial structure enable it to thrive over the long term.
- Eurazeo has offices in Paris, New York, London, Frankfurt, Berlin, Milan, Madrid, Luxembourg, Shanghai, Seoul, Singapore, Tokyo and Sao Paulo.
- Eurazeo is listed on Euronext Paris.
- ISIN : FR000121121 – Bloomberg : RF FP – Reuters : EURA.PA.
- Eurazeo was advised by Rothschild & Co.
ABOUT EUTOPIA
- Eutopia is an investment firm dedicated to mission-driven emerging brands.
- Eutopia’s investment approach is based on the ongoing transformation of consumer behavior and the emergence of a new generation of brands that are reinventing everyday products and services around the triple objective of ” better for you, better for society, better for the planet .”
- For nearly ten years, the team has supported more than 30 companies, including Oh My Cream!, Spring, Insentials, Tediber and Murfy, helping them develop sustainably and strategically.
- Eutopia is a mission-driven, B-Corp certified management company.
ABOUT IPN
- Based in Thirsk, North Yorkshire, UK, IPN is best known as the UK market leader in dog food, with its high-quality natural meals and pet treats marketed under the Harringtons, Butcher’s, and Wagg brands. With a strong commitment to natural, quality ingredients, IPN is dedicated to providing pets with nutritious yet affordable nutrition that supports their health and well-being.
- IPN was acquired in 2020 by international buy-and-build investment firm CapVest, and in 2021 acquired Pet Food UK, with its premium dog and cat food brands known for their quality and identity, namely “Aatu”, “Barking Heads” and “Meowing Heads”. In August 2024, IPN acquired Butcher’s Pet Care (“BPC”), the UK’s leading wet pet food manufacturer.
- IPN was advised by Natixis Partners and Spayne Lindsay.
ABOUT CAPVEST
- CapVest is a leading international private investor that partners with ambitious companies providing essential goods and services to transform their businesses. As an active and patient investor, CapVest has built a strong track record of delivering attractive returns by working closely with management teams to scale and expand its portfolio companies through a combination of organic and acquisitive growth.
- CapVest seeks to invest in highly resilient sectors, where demand for products or services is not dependent on economic conditions. Its preferred sectors are consumer staples, healthcare, and essential services.
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