COPENHAGEN, DENMARK and STOCKHOLM — On July 13, Axcel, a Nordic private equity company, announced its acquisition of Voff Premium Pet Food. According to Axcel, the acquisition will allow it to advance its leadership position in the European pet nutrition space.
Financial details of the acquisition were not disclosed.
Founded in 2014, Voff offers premium natural pet food products, including raw pet food, treats, chews and supplements, with a large presence in Germany, the United Kingdom and the Nordics. Voff’s brands include Leo & Wolf, Nutriment, Oscar, Haustierkost.de, DIBO, BARFGOLD, RAUH! and AniForte.
Since its founding, Voff has acquired other pet food companies, like AniForte in 2021 and Aritso Oy in 2022, amassing a total of seven acquisition agreements.
“The Voff team has built a very impressive business with strong market positions in Germany, the UK and the Nordics within the fast-growing premium natural pet food segment,” said Asbjørn Mosgaard Hyldgaard, partner at Axcel. “Voff is an exciting opportunity for Axcel to leverage our experience within the pet and consumer sectors. Mårten and the wider management team have a clear vision to further advance their leadership position in Europe by continuing Voff’s impressive growth journey in current and new markets.”
Currently, the pet food company boasts more than 300 employees and an estimated 1 billion SEK ($94.1 million USD) in revenue. Voff operates a multichannel strategy, balancing between B2B and direct-to-consumer sales channels.
“We look forward to partnering with Axcel and further advancing our position as the leading European platform for premium natural pet food,” said Mårten Bernow, chief executive officer of Voff. “Together, we will continue our ambitious growth strategy and European expansion through strategic acquisitions as well as driving organic growth through a unique combination of strong customer relationships, a compelling D2C offering and proven product development.
“We’ve been impressed by Axcel’s expertise and experience as a growth investor and their knowledge of the pet food market; we look forward to embarking on this next step on Voff’s growth journey with them,” Bernow added.
Axcel is acquiring Voff from parent company Systematic Growth, a growth investor, as well as Voff’s senior management and other employees. Voff’s senior management and other key employees will continue with the company as minority shareholders.
“I’d like to thank Systematic Growth for their valuable support, dedication and close cooperation with the Voff team over the years, which has been critical for developing the business and establishing our market-leading position today,” Bernow said.
The acquisition agreement is subject to closing conditions and is expected to be completed in the third quarter of 2022. Voff marks Axcel’s 13th investment.
Read more about corporate strategy, financial performance, mergers and acquisitions on our Business page.