Private equity company Axcel is partnering with Voff Premium Pet Food, part of the European premium natural petfood segment offering raw petfood, treats, chews and supplements. The partnership will help to advance the petfood company’s leadership position in Europe.
Voff’s history dates back to 2014, when it was established with the goal of becoming the leading platform in the European premium natural petfood market. A number of premium natural petfood brands have since joined Voff to form a European group with a strong presence in Germany, the UK and the Nordics. Voff currently consists of eight natural petfood brands which includes Leo & Wolf, Oscar, and others.
Voff currently has 300 plus employees and generates approximately SEK one billion in revenue. It is present in 13 international markets with six production facilities in operation. It produces and sells natural petfood including BARF petfood, air-dried treats and bird food.
“We look forward to partnering with Axcel and building upon the leading European platform that we have created in premium natural petfood,” says Mårten Bernow, CEO of Voff. “Together, we will continue our ambitious growth strategy and European expansion through strategic acquisitions as well as driving organic growth through a unique combination of strong consumer relationships, a compelling D2C offering and proven product development.”
The premium natural petfood market is forecast considerable growth, as the view of pets shifts towards that of a member of the family alongside a growing willingness of pet owners to spend more on premium products for their pets.
In petfood, premium indicates the quality of human-grade ingredients being used, while natural refers to the absence of artificial colours, flavours and preservatives. As of 2020, the global organic and natural petfood market reached a value of US$22.8 billion, according to a report released by Research and Markets. In addition to shifting perceptions of pets, the report attributed the rising value of natural petfood to rapid urbanisation resulting in rising pet adoptions.
“The Voff team has built a very impressive business with strong market positions in Germany, the UK and the Nordics within the fast-growing premium natural pet food segment. Voff is an exciting opportunity for Axcel to leverage our experience within the pet and consumer sectors,” says Asbjørn Mosgaard Hyldgaard, Partner at Axcel and responsible for the investment.
“Mårten and the wider management team have a clear vision to further advance their leadership position in Europe by continuing Voff’s impressive growth journey in current and new markets,” he adds.
Voff was acquired from Swedish growth investor Systematic Growth, senior management and other key employees. The latter two will continue as significant minority shareholders alongside Axcel.
The transaction is subject to customer regulatory approvals and is expected to be completed in the third quarter of this year. Voff marks Axcel’s 13th investment.
For more information on Axcel visit their website, HERE.
For more information on Voff Premium Pet Food visit their website, HERE.