Fredericks Michael & Co. acted as the financial advisor to Agrolimen, S.A. on its investment and joint venture transaction with regard to Nature’s Variety, a company based in St. Louis, MO, United States. Nature’s Variety is a leading U.S. super-premium pet food producer, specialized in the raw frozen category. Catterton, a leading private equity firm based in Greenwich , has had a majority stake in Nature’s Variety since 2008 and will continue to maintain a significant ownership together with Agrolimen.
The partnership enables Agrolimen to enter the high-growth U.S. super-premium pet food market and provides Nature’s Variety with the capital to continue its expansion in the U.S. and foreign markets. The transaction entails the continuation of the current management team, led by Reed Howlett. “In Agrolimen, we’ve found a well-aligned partner who will enable us to further accelerate our growth through marketing and innovation investments,” Howlett commented. “We are confident that Agrolimen will help expand our role as the leader of the raw pet food category and support our commitment to pet parents in an even greater way moving forward.”
“With this joint venture, Agrolimen moves forward within its strategic plan of international growth of its core businesses,” said Joan Cornudella, CEO of Agrolimen. “We believe we have found the ideal partner in Nature’s Variety. The company has a unique value proposition and position in the market, the team has a proven track record in partnering with pet specialty retailers and distributors to bring innovative products to market, and a clear vision to drive continued growth.”
“We have greatly enjoyed building the Nature’s Variety business in partnership with Reed Howlett and the management team over the last six years and look forward to continuing this partnership with the addition of Agrolimen,” said Scott A. Dahnke, Managing Partner of Catterton. “Working with the outstanding team at Nature’s Variety, we have been able to grow the business more than four-fold, helping more pets to benefit from Nature’s Variety’s healthy, natural holistic nutrition. We are excited to partner with Agrolimen to drive the company’s next period of growth and success.”
FM&Co. advised Agrolimen on a multi-step engagement process which included search, selection, valuation, transaction structuring, and assistance in the negotiations through closing of the transaction.
About Agrolimen
Agrolimen (Barcelona, Spain) is a multi-national conglomerate with interests in several industries including pet food, human food, and retail. Agrolimen is one of the largest Spanish privately-owned companies with presence in over 70 countries. Agrolimen’s pet food business Affinity specializes in premium pet foods and has leading market positions in Spain, France, Italy and Brazil. Some of its leading brands are Ultima, Advance, Brekkies Excel, and Libra. For more information, please visit www.affinity-petcare.com
About Nature’s Variety
Nature’s Variety (St. Louis, MO) is a market leader in the super-premium raw-frozen food segment. At its state-of-the-art facilities in St. Louis, the company has developed a portfolio of innovative solutions for pet nutrition such as raw-infused and raw-coated kibble. Its products can be found at independent pet stores, online, Petco, and PetSmart. Nature’s Variety operates under the Instinct, Instinct Raw, and Prairie brands. For more information, please visit www.naturesvariety.com
About Catterton
Catterton (Greenwich, CT) is a leading private equity firm with an exclusive focus on providing equity capital to small to middle market consumer companies in North America who are well positioned for attractive growth. Their combination of investment capital, strategic and operating skills, and industry network has enabled Catterton to become one of the most sought after private equity firms in the consumer sector. For more information, please visit www.cpequity.com
