PPF is the third largest producer of private label wet and dry pet food in Europe, supplying approximately 280 customers, including major grocery retailers, in the 27 markets in which it operates.
The business, headquartered in Budapest, employs around 1,000 staff and has eight production facilities across Europe.
In 2010, the company reported total sales of EUR236m.
Advent International managing partner and co-head of Central Europe Chris Mruck said Provimi Group has established PPF as a European market leader. Their investment will build upon these strong foundations, enabling the business to capitalize on the growth opportunities that exist across Europe.
"PPF is a business with excellent prospects and we look forward to working with the management team to develop the company to its full potential," Mruck said.
The transaction is expected to complete within the next two months following regulatory and works council processes.
