Pet foods manufacturer targeting further M&A growth
Fri, 14 Apr 2023 | BUSINESS SALE
Pet foods manufacturer Inspired Pet Nutrition (IPN) is seeking to grow further through acquisitions, after increasing its turnover by more than 20 per cent. For the year ending June 25 2022, IPN reported annualised turnover of £159.4 million, an increase of £38.4 million (24.1 per cent).
The group’s performance during that year was boosted by its Harringtons dry food brand, which capitalised on a 24 per cent increase in dry dog food sales amid an overall flat market. Wet cat food sales, meanwhile, grew 144 per cent year-on-year.
The year also included the first step in the group's buy-and-build acquisition strategy, following its December 2020 investment from CapVest, with IPN acquiring Pet Food UK and its brands AATU, Meowing Heads and Barking Heads. These brands joined the group’s existing brands, Wagg and Harringtons.
IPN chairman Richard Page said: "I am delighted and very proud of these excellent trading results. As we navigate a difficult economic climate and a cost-of-living squeeze, we remain well positioned to win. Our market position as a provider of premium, but affordable pet nutrition has never been more relevant.”
"I am also delighted to welcome the Barking Heads, Meowing Heads and AATU brands to the IPN family, as we continue to make great progress on our mission to be the nation's most loved, most sustainable home of pet nutrition brands.”
"Our unrivalled nutritional knowledge and great household name brands, made affordable and accessible to all, are a winning combination. This is undoubtedly a challenging trading environment, but our low-cost, high-quality production DNA means that we will be able to fight hard to limit and mitigate the impact of the inflationary environment to help our customers.”
Regarding the group’s plans for future M&A-driven growth, Page said: "With CapVest on board, our investments in infrastructure, brands and people will continue and we will continue to be acquisitive to bring other brands and manufacturing capability into the IPN platform. We are very confident that IPN will continue to win in a growing and resilient market."
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