Private-equity firms Advent International and CVC Capital have reportedly joined forces to make an offer for Hungary’s Partner in Pet Food.

Unnamed sources have told The Financial Times Advent and CVC had been competing to buy the business but have made a joint bid.

Partner in Pet Food, based in Budapest, has been owned by private-equity firm Cinven since 2018.

Just Food has approached Advent and CVC for comment. Advent refused to be drawn on the report.

One of The Financial Times’ sources said Cinven had previously been looking to value the company at around €2bn ($2.16bn).

According to Cinven, Partner in Pet Food, set up in 1999, sells into more than 30 countries in Europe.

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The manufacturer supplies pet food to over 250 customers, Cinven says, including retailers, specialist pet chains and online customers. Its product range covers dog and cat food. It sells wet and dry products.

The company employs more than 1,400 people, Cinven says.

Former Unilever executive Gerald Kuehr was named Partner in Pet Food CEO in 2020.

In 2021, the company snapped up two manufacturers in Poland – Mispol and Werbliński.

Poland is one of ten European markets in which Partner in Pet Food has sales offices, according to its website. The company has 12 manufacturing facilities.

The most recent year for which the group has posted annual sales is 2022, when it generated sales of around €793m.

Elsewhere today, it was announced CVC had acquired Spain-based bakery business Monbake Group.