Private equity group Advent International has bought Provimi Pet Food in a deal worth €188m (£163.8m).

The own-label pet food maker is based in Budapest and employs 1,000 staff across eight sites around Europe. It concentrates on markets including The Netherlands, Poland the Czech Republic.

“Advent's investment is undoubtedly the start of an exciting new phase in the development of our company,” said Provimi chief executive Attila Balogh.

“The international experience Advent has in the retail and consumer sectors, as well as its established presence in our core markets of Central & Eastern Europe, will be extremely valuable.”

Read more
Bargain hunting: buyers eye cut-price M&A bonanza (5 February 2011)