News February 13 2020

Butternut Box receives significant strategic investment from L Catterton Europe

Butternut Box, the leading fresh food delivery brand for dogs in Europe, today announced that it has received a significant strategic investment from the European fund of L Catterton, the largest and most global consumer-focused private equity firm. Catterton will partner with Butternut’s team to accelerate the company’s growth.

Founded in 2016, Butternut is the leading human-grade, cooked fresh dog food company in Europe. Butternut’s highly personalised dietary offering and digital approach enable customers to experience a new category of fresh, healthy dog food with unsurpassed quality, convenience and affordability. The investment is expected to support Butternut’s operational enhancements as well as its growth and diversification in existing and new channels.

“Butternut is driven by our founding purpose of delivering health and happiness to dogs and their humans all over the world. With Catterton’s support, we will accelerate investments in supply chain, manufacturing, marketing and new offerings in order to expand our base of customers who love feeding their dogs with personalised, nutritional and delicious meals and treats,” said Butternut Co-Founder Kevin Glynn. “We are excited to be partnering with L Catterton. By leveraging Catterton’s deep customer insights, global network and vast experience with pet food brands, Butternut will be able to bring our caring, health-conscious and data-driven approach to dog food to more customers than ever before,” added Butternut Co-Founder David Nolan.

“Over the past four years, Butternut has established a very strong base of loyal customers in the U.K. through an innovative digital platform, playful customer engagement and fresh, high quality products,” said Jean-Philippe Barade, Partner, Catterton Europe, and head of the Firm’s London office. “We believe Butternut has a significant opportunity to expand further in a rapidly growing category and is well positioned to benefit from strong consumer trends among pet owners, including the increasing demand for high quality ingredients, healthier choices and personalised offerings. We look forward to working with Kevin, David, the talented Butternut team and all existing investors whilst leveraging Catterton’s industry expertise to realize the immense potential of the brand.”

L Catterton has significant experience investing in the pet food and pet care categories, with current and past investments including Ainsworth (the parent company of the Nutrish brand), Iandloveandyou, Inspired Pet Nutrition, Just Food For Dogs, PetVet Care Centers, Nature’s Variety and Wellness Pet Food.

White Star Capital and Five Seasons Ventures continued to support the company and also participated in the investment round. The exact terms of the transaction were not disclosed.

Butternut was advised by Houlihan Lokey and Orrick, and L Catterton was advised by Mayer Brown.