PAI Partners to Acquire Alphia from J.H. Whitney

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Pet Food Manufacturer, Alphia, to be Acquired by PAI Partners

PAI Partners, a leading private equity firm, has announced its acquisition of Alphia, Inc., a prominent pet food co-manufacturer in North America. The purchase from J.H. Whitney Capital Partners will further strengthen PAI's expertise in the Food & Consumer sector, particularly in the pet food and contract manufacturing industries. The terms of the transaction were not disclosed.

Headquartered in Denver, Alphia is a national manufacturer of pet food, producing over one billion pounds of dry pet food and treats annually on behalf of various pet food brands and retailers. The company also offers milling, R&D, innovation, warehousing, transportation, and distribution services. With six manufacturing facilities across the U.S., Alphia is known for providing complete farm-to-bowl custom solutions through its subsidiary companies, LANI and Veracity.

J.H. Whitney acquired Alphia's predecessor, C.J. Foods, Inc., in 2014. The merger of American Nutrition, Inc. and C.J. Foods, Inc. in 2020 formed Alphia, creating a national pet food manufacturing platform that prioritizes food safety and customer value.

PAI Partners has a strong track record in the Food & Consumer sector, with investments in renowned companies such as Royal Canin, Provimi, Diana Pet Food, and Refresco. By partnering with PAI, Alphia aims to accelerate its growth in North America, both organically and through strategic acquisitions.

The CEO & President of Alphia, David McLain, expressed gratitude for the support and partnership of J.H. Whitney, acknowledging the creation of Alphia as a leading pet food co-manufacturing platform. McLain also stated that PAI shares Alphia's values of innovation, food safety, and industry leadership.

Bob Williams, a Senior Managing Director at J.H. Whitney, praised the Alphia management team and their dedication to becoming a leading co-manufacturer in the pet food industry. He expressed pride in the team's achievements and confidence in Alphia's continued growth under PAI's ownership.

Maud Brown, Partner at PAI and Head of PAI's US Team, expressed excitement about the investment in Alphia, marking the company's second platform in the U.S. PAI is committed to expanding its presence in the U.S. market and looks forward to further growth and success.

Winston Song, Partner at PAI and Consumer Lead in the U.S., emphasized Alphia's position as a best-in-class company in the pet food and treats value chain. With pet owners increasingly seeking innovation, quality, and value, Alphia has set the industry standard as a trusted partner. PAI plans to invest in Alphia and support its mission-driven team in scaling the platform.

The completion of the acquisition is subject to customary closing conditions, including regulatory approvals.

Alphia was advised by Goldman Sachs & Co. LLC as its financial advisor. Gibson, Dunn & Crutcher LLP served as legal counsel to J.H. Whitney and Alphia, while Weil, Gotshal & Manges LLP acted as legal counsel to PAI.

About Alphia:

Alphia is a leading custom manufacturer of super-premium pet food in the U.S., producing over one billion pounds of dry pet food and treats annually. The company is known for its unparalleled marketplace intelligence, research and development expertise, and high-quality, safe products. With a focus on safety, quality, and growth, Alphia operates six manufacturing facilities nationwide. The company also owns LANI, an ingredient milling solutions provider, and Veracity, a logistics company offering warehousing, transportation, and distribution services. Alphia provides complete farm-to-bowl custom solutions. For more information, visit www.alphia.com.

About PAI Partners:

PAI Partners is a pre-eminent private equity firm that invests in market-leading companies worldwide. With over €25 billion under management, PAI has completed 100 investments in 12 countries, representing a transaction value of over €70 billion since 1994. PAI partners with ambitious management teams to unlock the full potential of companies, leveraging its unique perspective, sector experience, and long-term vision. Learn more about PAI at www.paipartners.com.

About J.H. Whitney:

Established in 1946, J.H. Whitney is one of the first private equity firms in the United States. With a focus on investing in small and middle-market companies with strong growth prospects, J.H. Whitney operates in various industries, including consumer, healthcare, and specialty manufacturing. The firm is privately owned by its investing professionals and counts leading foundations, universities, pension funds, and other institutions among its investors.