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Eurazeo has completed the sale of Ultra Premium Direct, the French direct-to-consumer pet food company, to Inspired Pet Nutrition, which is backed by CapVest Partners.
The investment firm said the deal, finalised on 1 October, reflects its strategy of supporting European companies through growth stages while securing profitable exits.
Eurazeo reported a gross cash-on-cash multiple of 2.1 times its initial investment from the transaction, generating about €138m (£120m) of proceeds for its balance sheet. The company said the figure was above the carrying value of the business.
Ultra Premium Direct, founded in 2014, has grown into a leading French online pet food brand through a subscription and direct delivery model.
Inspired Pet Nutrition, the UK-based group acquiring the business, has expanded rapidly across international markets under CapVest’s ownership.
Since its investment, Eurazeo has actively supported UPD’s founders and management in strengthening its brand positioning, expanding its premium product range, and reinforcing its leadership team.
Eurazeo also backed key initiatives in omnichannel strategy, organisation and Corporate Social Responsibility (CSR) enabling UPD to scale rapidly and solidify its market leadership with improved profitability.
Arthur van Benthem, CEO of IPN, said upon announcement of the deal: “UPD has delivered impressive growth in both sales and profitability and represents a strong strategic addition to IPN. It brings with it a sophisticated, proven e-commerce platform with significant international growth potential, a rapidly expanding mono-brand store network, and another outstanding brand to our portfolio. The business is highly complementary to both IPN and Sopral.
“By combining UPD’s direct-to-consumer strengths with Sopral’s extensive manufacturing capabilities and IPN’s broader network and customer base, we unlock powerful opportunities to accelerate our ambitious growth plans across Europe. We look forward to working with our expanding team to realise this potential.”
The deal marks the latest in a series of portfolio realisations for Eurazeo, which has sought to highlight its ability to exit investments at a premium to book value.
