SHANGHAI — On Feb. 17, L Catterton announced its investment in Shanghai-based Enova Pet Products, owner of the premium pet food brand Pure & Natural. The investment marks the private equity’s entrance into the Chinese pet food market.
According to L Catterton, this investment comes amid the rapid growth in China’s pet food industry during the past five years, with the premium sector expected to more than triple during the next five years, according to the company
"Macro trends such as rising disposable incomes and the increasing humanization of pets provide favorable tailwinds for the premium pet food category in China," said Scott Chen, managing partner, L Catterton Asia. "Enova is well positioned to benefit from these trends, given its strong research and development capabilities, superior product quality, as well as significant and expanding omnichannel presence. We look forward to partnering with Enova's experienced and proven management team to drive further growth."
Enova maintains a robust supply chain and a well-established presence throughout China, with its Pure & Natural brand fueling continued growth. According to the company, the Pure & Natural brand is in high demand because of its palatability and science-based formulas. Enova currently distributes its pet food products to specialty retail stores and pet hospitals, as well as directly to consumers via e-commerce through Tmall and TikTok flagship stores. Currently, the company’s distribution partners include JD.com and Tmall Supermarket.
"Enova is on a mission to help pets live life to the fullest,” said Herman Zhao, founder and chief executive officer, Enova. “With a focus on science and pets' natural diets, we are committed to producing pet food with balanced nutritional profiles and high-quality ingredients. We had proprietary, bespoke dialogues with L Catterton for some time and are impressed by the firm's deep domain knowledge and insights stemming from its investments in the pet industry across geographies.
“L Catterton's investment will catalyze the next stage of our growth as the firm has an abundance of world-class strategic and operating expertise in the pet food space which we can harness to further build the Pure & Natural brand, drive top-line growth and broaden our suite of products,” Zhao added. “We are excited about the journey ahead as we continue working to offer premium pet food that brings delight to consumers and their beloved pets."
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