Butcher’s has been acquired by Inspired Pet Nutrition (IPN) a company owned by CapVest.

The acquisition will include a refinancing of term debt provided by Blazehill Capital and working capital facilities provided by STB.

The business had faced inflationary pressure in early 2022 as a result of the war in Ukraine and in parallel management were looking to deliver a strategic growth plan, which included a full brand refresh.

Butcher’s sought to refinance their existing facilities with a more flexible funding package to provide the necessary financial breathing space to allow the business to withstand the market volatility and implement its plans.

Since then there has been a successful exit for shareholders to Inspired Pet Nutrition.

Tim Watsham, Former CEO at Butchers Pet Care, said: “This acquisition marks an exciting milestone in the Butcher’s journey.

“Both the Blazehill and STB teams took the time to understand the drivers of our business and our growth ambitions.

“The combined facilities, consisting of a flexible STB working capital facility and an innovative stretch-senior Blazehill term loan integrated seamlessly, with the dual-lender structure operating throughout the term as if it were a single bilateral solution.

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“We’re all excited for what is next as we enter a new chapter and would like to thank the Blazehill and STB teams for their patient and pragmatic approach throughout.”

Tom Weedall, managing director at Blazehill Capital, commented: “From the outset we invested significant time with Tim and Butcher’s key stakeholders to fully understand their strategic plan for the business and ensured that they had access to sufficient capital to support its objectives.

“We have built a strong relationship with Tim and the team and we’re excited to see the business continue to flourish following its acquisition by Inspired Pet Nutrition.”

Colin Muir, portfolio and structuring director at STB, added: “From supporting the business in 2022 to its recent acquisition, the Butchers team has remained committed to strategic growth and has turned the business around, delivering strong results and ultimately driving forward a successful acquisition.

“By working closely with Tim and the team, we were able to initially structure a flexible facility that would allow Butchers to unlock the value held in the business and grow its market presence.

“The facility, alongside Blazehill Capital, all helped to achieve this so it’s great to see such a strong result for the business as it enters a new era with Inspired Pet Nutrition. We all wish the business the best in its next chapter of growth.”