This is our third Pet Food deal in Poland in the last 18 months. In that time we have advised on transactions such as the sale of 100% of Carry Pet Food to Vafo in September 2020 Link, then the sale of 100% of Atlantic Products to Maced in April 2021 Link and now we have had the pleasure of advising Resource Partners on the sale of their majority stake in Maced to Assisi. We are delighted to have been involved in this deal and congratulate our client on their high return on investment.
The current situation on the Pet Food market is immensely interesting. On one hand there is an ongoing consolidation of the industry by players such as Partner in Pet Food, Vafo and now also Assisi Pet Care. We also see many others interested in entering the Polish market. On the other hand, players such as Dolina Noteci and Mars are in the process of making significant investments in Poland. Increasing consolidation on the market combined with significant investments makes the next few years in the industry highly interesting.
Maced is one of the leading producers of meat-based dog treats in Europe. The Company, established in 1993 by Edmund Macionga, offers its products under the Maced and Dogway brands, as well as under private label both domestically and in export. In December 2019 a majority stake of Maced was acquired by Resource Partners, a private equity fund specializing in mid-market consumer investments in CEE, while Tomasz Macionga remained the minority shareholder and CEO. Further growth came from investments realized and in April 2021 Maced acquired Atlantic Products – second largest Polish producer of natural dog treats with 100% sales generated on the export markets.
Assisi Pet Care, established in September 2020, is a joint venture between founder Peter Mangion and a UK-based private equity fund Harwood Capital. Since its inception, Assisi has made two acquisitions on the UK market – Hollings in October 2020 and Town & Country (owner of the HiLife brand) in March 2021. The investment in Maced is a continuation of the strategy to consolidate the Pet Food industry and build a European leader in this rapidly growing market.
