Expanding pet care venture signs off on its first European acquisition
Yorkshire-headquartered Assisi Pet Care, the company behind dog treats supplier Hollings, has completed its first overseas acquisition.
It has purchased Polish pet treats manufacturer, Maced Sp. z o.o., for an undisclosed sum from Resource Partners, a Warsaw-based private equity firm.
Maced, an established manufacturer of natural meat-based dog treats to the European market, is headquartered in Poznan and has manufacturing facilities in Polanow and Gardno.
The company makes and markets products under its own brands and also manufactures for customers across Europe. It has a turnover of more than £20m and employs more than 200 people.
The transaction marks the third acquisition in 16 months since the establishment of Skipton-headquartered Assisi Pet Care, which is a joint venture between Yorkshire entrepreneur, Peter Mangion, and Harwood Capital Partners of London.
Assisi acquired Hollings Ltd in October 2020 as the first step in its ambitious expansion plan, giving it a strong brand name and an established customer base.
In March 2021, it acquired family-owned Town & Country Petfoods Ltd, based in Melton Mowbray, Leicestershire, which markets an extensive range of dog and cat foods and treats, primarily under the HiLife brand.
This latest acquisition brings Assisi’s revenue to just under £60m and extends its operations to the growing Polish and German pet markets, in addition to its existing UK activities.
Mangion said: “The transaction significantly grows our European market share, and also gives us greater control of our supply chain whilst adding significant new product development expertise to our group.
“We are particularly pleased that Tomasz Macionga, the long-standing CEO of Maced, will remain with the business, along with his excellent management team.
“I am grateful to Harwood Capital which, as partners in the Assisi business, are providing support as we continue to deliver on our buy-and-build strategy in the exciting European pet care market.”
Advisers to Assisi on the deal included Kaira Clarehugh and Jonathan Simms (corporate) and Andrea Unwin, Phil Dine and Francesca See (banking) of Clarion in Leeds who provided legal advice. The company was also supported by Alvarez and Marsal, CIL. Debt funding was provided by Crescent Capital.
Simms added: “It’s great to see Assisi continuing to realise its ambitious growth strategy. This latest transaction puts it in a strong position to become a leading player across Europe in this dynamic sector and provides a solid foundation for further acquisitions.”
