L Catterton Invests In China's Top Freeze-Dried Pet Food Company Partner Pet

SHANGHAI, Feb. 14, 2023 /PRNewswire/ --
L
Catterton, a leading global consumer-focused investment firm, today announced that it has invested in Partner Pet, the top domestic premium freeze-dried pet food company in China. The investment, coupled with L
Catterton's
expertise
in
the
pet
food
sector,
will help
Partner
Pet
to
cement
its
leading
position
in
the
fastest-growing
segments
of
the
country's
pet food
market.
This
also
marks
another step
forward
as
L
Catterton
continues
to
play out
its
broad pet food strategy in
China.

Underpinned
by
macrotrends such as rising disposable incomes and the increasing humanization of pets, China's pet food market is expanding exponentially, with the premium and superpremium
price segments driving most of the growth. Likewise, the freeze-dried, kibble+, and wet food format segments
are
growing
the
most
rapidly and
are
together
expected
to
account for
around
half
the market
by
2025,
up
from
approximately
one-quarter
in
2020
and
less
than one-sixth
in
2018.

Capturing the surge in demand for such products, Partner Pet's sales have risen twelvefold
over
the past three years as the company built on its lead in the freeze-dried segment to also gain pole position in the kibble+ segment. Its range of products in these segments are known for their palatability and balanced nutritional profiles, and have the best conversion and repurchase rates among all local players in the space. Differentiating the company from its competitors, Partner Pet is also recognized as the pioneer and a specialist of biologically-appropriate raw food offerings in the country's pet food market. The company has begun to enter the wet food segment as well.

Since its founding in 2016, Partner Pet has established an extensive presence spanning offline and online channels in China. Its products are sold in around 20,000 stores across the country and outperform other insurgent domestic brands in such stores. The company has a burgeoning direct-to- consumer business as well, especially via its Tmall flagship store, and is also active on other ecommerce
platforms
like
JD.com, Taobao,
and
TikTok.

'China's pet food market has demonstrated resilient growth over the past few years and its expansion is expected to continue unabated, as consumers increasingly seek nutritious food for their animal companions regardless of economic oscillations,' commented Scott Chen, a managing partner in the Asia fund of L Catterton. 'Equipped with prolific new product development capabilities, Partner Pet has attracted consumers with its high-quality offerings and its ascent reflects its ability to harvest true demand and win customer loyalty. We are excited to start working with its management team to further scale up its business.'

Partner
Pet
founder and
CEO
Zhi
Qiao added, 'More and more people are discovering the joys of having animal friends and are building stronger bonds with their pets. We therefore seek to help them maximize the quality and length of their lives together by providing them with healthy food that suit pets' natural diets.
L
Catterton's track record of creating value in the pet food space is second to none and we believe we can leverage its proven operating capabilities to accomplish our mission. We look forward to
benefitting
from
its brand
building,
distribution,
and
supply
chain optimization
expertise.

L
Catterton
has
significant
experience
building
brands
globally
in
the
pet food
space.
Current and
past investments include Butternut Box, Canidae, Inspired Pet Nutrition, Instinct®, JustFoodForDogs, Lily's Kitchen,
Old
Mother Hubbard®,
Petlove, Pure & Natural, and Rachael Ray® Nutrish®.

About
L
Catterton

L
Catterton is a market-leading consumer-focused investment firm, managing more than $30 billion of equity capital across three multi-product platforms: private equity, credit and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton's team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 250 investments in some of the world's most iconic consumer brands. For more information about L
Catterton,
please
visit
lcatterton.com.

About
Partner
Pet

Partner Pet is a leading domestic premium pet food brand in China and has grown since its founding in 2016 to become the country's top freeze-dried pet food brand. Being the pioneer of biologically appropriate raw food ('BARF') offerings in China, it is also considered by consumers to be a BARF specialist. Known for their palatability and balanced nutritional profiles, its products enjoy best-in-class conversion and repurchase rates, and customers are strong advocates of the brand. It is vertically integrated and has an extensive presence across offline and online channels in China.

CONTACTS

L
Catterton

Julie Hamilton (U.S.)
[email protected]
+1 203 742 5185

Bob Ong / Bonnie Gan (Asia)
[email protected]
/
[email protected]
+65
6672
7619 /
+86
10
8555
1807

PartnerPet

Laurie Zhou
[email protected]
+86 138 1765 9422

SOURCE L Catterton

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