The European specialty lending strategy of Crescent Capital Group, an alternative credit investment firm, committed to provide unitranche financing to support the acquisition of Voff Premium Pet Food, a European producer of natural premium pet food, by Nordic-based private equity firm Axcel. In addition, Crescent Capital committed to provide a Payment-in-Kind (PIK) financing for the company to support its continued growth strategy. Terms of the transaction were not disclosed.
Voff is a consolidator in the European premium natural pet food segment, offering raw pet food, treats, chews and supplements through multiple channels, both online and offline. The company was established in 2014, and since then, a number of successful premium natural pet food brands have joined Voff to form a European group with a strong presence in Germany, the U.K. and the Nordics. Voff has more than 300 employees and generates approximately SEK 1.0 billion ($97 million) in revenue, with a strong track record of delivering organic growth as well as acquiring leading brands.
“We are excited to support this partnership between Axcel and Voff, as the company’s existing leading market position within the European pet food business is poised for strong organic growth and expansion through strategic acquisitions. This is Crescent’s second investment in the premium pet food sector this year, and we look forward to continuing to work with innovative sponsors and their portfolio companies in fast-growing sectors like this,” Christine Vanden Beukel, managing director and head of Crescent’s European specialty lending strategy, said.
