Provimi
Transaction: €1,721m
Acquisition year: 2007
SectorIndustrials
Country Netherlands
Provimi is a world leader in the growing market of animal nutrition, focusing on the high value-added inputs. Provimi produces a range of products and feed solutions serving the nutritional and health needs of many animals including: premix and speciality products for young animals and those with special dietary needs. Provimi is headquartered in Rotterdam, the Netherlands, and operates 67 production centres in 25 countries.
A company backed by the Permira funds acquired the company in April 2007. It was delisted from Euronext in November 2009. Under the Permira funds' ownership, the business was transformed from a disparate group of individual businesses into one of the world's leading animal nutrition businesses through strategic repositioning, business simplification and a focus on emerging markets. Non-core businesses, including the Pet Food activities, were divested to create a 'pure play' animal nutrition business. The company also strengthened its geographic footprint via organic growth in Brazil and Russia and made strategic acquisitions in fast-growing Columbia (Biovet) and Mexico (NASSA). As a result EBITDA generated from emerging countries increased from 27% at acquisition to 56% in 2011. It also delivered considerable operational improvement and achieved continuous EBITDA growth from 2007 to 2011.
On 22 November 2011, the Permira funds sold Provimi to Cargill, a leading international producer and marketer of food, agricultural, financial and industrial products and services.
Provimi
Ton van der Laan, Provimi, shares the strategic direction that has taken shape since Permira's investment and the effect this has had on the company's performance in 2008/9.