Welsh pet food company Burns Pet Nutrition acquired in multi-million-pound deal.
The exact value of the eight-figure deal, which sees Mr Burns retiring from the Kidwelly-based company that he set up 30 years ago, has not been disclosed. Burns Pet Nutrition was advised by Lexington Corporate Finance.
Assisi itself was recently acquired by US private equity firm Wind Point Partners with investment to support an acquisition strategy.
In its last financial year to the end of July 2023, Burns Pet Nutrition, which employs just under 100 people, posted revenues of £23.6m. As well as manufacturing wet and dog food products, Burns recently introduced a range of products for cats. Burns’ management team are remaining with the business following the deal as they focus on further expansion.
Founder and chief executive of Assisi Pet Care, Peter Mangion, said: “We are delighted to be adding the highly regarded Burns brand to the Assisi portfolio of brands but are equally pleased to be welcoming the fantastic Burns Pet Nutrition team to our organisation. The Burns brand is a perfect fit for Assisi in that animal health and well-being are central to the brand’s proposition.
“Through this acquisition we will add some excellent people in product development, marketing, sales, finance and operations functions, based in Kidwelly. We look forward to working with our new colleagues as we integrate the Burns brand into the Assisi portfolio and strengthen our offer to our customers across Europe. The acquisition of Burns Pet Nutrition is the first transaction since the recent investment in Assisi by Wind Point Partners and signals our commitment to execute on our growth strategy in the European pet care market.”
Mr Burns added: “After 30 years of owning and growing Burns Pet Nutrition I felt that it was time for me to retire and hand over the reins. Lexington took time to understand the business and its culture, and walked us through the process step by step. They have been an excellent corporate finance partner and I am delighted that in Assisi Pet Care they have found a partner that is a good fit for the Burns brand to grow in a responsible, ethical way. I’d have no hesitation in recommending them or using their services again.”
Tom Coombes of Lexington Corporate Finance, who acted on the deal alongside colleagues Jade Burgess and Pablo Shorney, said: “Based in the heart of Kidwelly, John Burns has grown Burns Pet Nutrition into a market leader in high quality dry and wet pet food products, with formulations focussed on gut health in order to solve digestive problems. We were proud to act for the shareholders of Burns on this major deal, and look forward to seeing how the business and team will continue to grow and develop as part of the Assisi Pet Care Group.”