Crescent European Specialty Lending Announces Financing for Acquisition of Voff Premium Pet Food by Axcel
LONDON & LOS ANGELES–(BUSINESS WIRE)–Crescent Capital Group LP, a leading alternative credit investment firm, announced today that its European Specialty Lending strategy has committed to provide unitranche financing to support the acquisition of Voff Premium Pet Food, a leading European producer of natural premium pet food, by Nordic-based private equity firm Axcel. In addition, Crescent Capital committed to provide a Payment-in-Kind (PIK) financing for the company to support its continued growth strategy. Terms of the transaction were not disclosed.
Voff is a leading consolidator in the European premium natural pet food segment, offering raw pet food, treats, chews and supplements through multiple channels, both online and offline. The company was established in 2014, and since then, a number of successful premium natural pet food brands have joined Voff to form a leading European group with a strong presence in Germany, the U.K. and the Nordics. Voff has more than 300 employees and generates approximately SEK 1.0 billion in revenue, with a strong track record of delivering organic growth as well as acquiring leading brands.
“We are excited to support this partnership between Axcel and Voff, as the company’s existing leading market position within the European pet food business is poised for strong organic growth and expansion through strategic acquisitions. This is Crescent’s second investment in the premium pet food sector this year, and we look forward to continuing to work with innovative sponsors and their portfolio companies in fast-growing sectors like this,” said Christine Vanden Beukel, Managing Director and head of Crescent’s European Specialty Lending strategy.
About Crescent Capital Group
Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. With more than 95 investment professionals and over 200 employees, the firm invests at all levels of the capital structure, with a significant focus on below investment grade credit through strategies that invest in senior bank loans, unitranche loans, high yield debt, mezzanine debt, and other private debt securities. As of March 31, 2022, Crescent Capital Group managed approximately $38 billion of privately-originated debt investments as well as marketable securities. For more information about Crescent Capital Group, please visit www.crescentcap.com.
About Voff Premium Pet Food
Voff is a leading European producer of natural premium pet food. Since its founding in 2014 Voff has continued to strengthen its foothold across Europe, and today consists of nine strong main brands that are produced and sold across Europe. Voff believes in natural, premium pet food products and sells a wide range of products – from raw pet food (BARF) to natural air-dried treats, natural pet supplements, chews and high-quality bird food – across various channels, online and offline. Voff has an established presence in Germany, the UK and the Nordics, with revenues of approximately SEK 1.0 billion and 300+ employees. www.voff.pet
About Axcel
At Axcel, we work hard to create value that lasts long after the exit which requires more than just capital. With our strong focus on leading Nordic companies in the industrials & business services, technology, consumer and healthcare sectors, we create success through a combination of our team’s network and experience paired with a systematic, growth-oriented value creation approach. Over the last 25 years, Axcel has raised six funds with cumulative capital commitments of EUR 2.8 billion. These funds have made 68 platform investments, with more than 150 add-on investments and 49 divestments. www.axcel.dk
Contacts
Crescent Capital Group
Mendel Communications
Bill Mendel, +1-212-397-1030
bill@mendelcommunications.com
