Louis Vuitton boss in posh pet food sale
A PET food company backed by the billionaire boss of the Louis Vuitton empire could change hands later this year in a deal worth hundreds of millions of pounds.
City sources said Yorkshire-based Inspired Pet Nutrition (IPN), whose brands include up market label Harringtons, has appointed financiers from Harris Williams to work on a ‘strategic review’, which could lead to a sale of the business.
IPN investors include L Catterton – a private equity firm backed by Bernard Arnault, the French chief executive and chairman of LVMH – which bought into the family firm in 2015.
Arnault is said to be worth over £ 60 billion, making him the third richest person in the world, according to Forbes.
Any sale would likely lead to a big payday for L Catterton, whose other investments include the Ole & Steen bakery chain and Cholula hot sauce.
IPN has been built up from an animal feed mill in the 1920s to a prestigious pet f ood company, whose brands include Wagg, making operating profits of £12 million on sales approaching £100 million.
With Britons spending more on better quality food for their pets, there has been a spate of dealmaking in the sector.
Earlier this year Swiss giant Nestle bought cat and dog foods firm Lily’s Kitchen, which was also backed by L Catterton.
Devon- based Forthglade, which boasts ‘ 100 per cent natural’ pet food, has appointed bankers from Houlihan Lokey to find a buyer.
IPN and Harris Williams declined to comment.