News & Press Releases - July 13, 2022

Axcel partners with Voff to create a European market leader within premium natural pet food

Axcel is partnering with Voff Premium Pet Food (“Voff”), the leading consolidator in the European premium natural pet food segment, offering raw pet food, treats, chews and supplements through multiple channels, both online and offline. The partnership with Axcel will help further advance this leadership position across Europe in the years to come.

Voff was established in 2014 with the goal of becoming the leading platform in the European premium natural pet food market. Since then, a number of successful premium natural pet food brands have joined Voff to form a leading European group with a strong presence in Germany, the UK and the Nordics. Voff has 300+ employees and generates approximately SEK 1.0 billion in revenue, with a strong track record of delivering double-digit organic growth as well as acquiring leading brands.

We look forward to partnering with Axcel and building upon the leading European platform that we have created in premium natural pet food. Together, we will continue our ambitious growth strategy and European expansion through strategic acquisitions as well as driving organic growth through a unique combination of strong customer relationships, a compelling D2C offering and proven product development,” says Mårten Bernow, CEO of Voff.

Mårten Bernow adds: “We’ve been impressed by Axcel’s expertise and experience as a growth investor and their knowledge of the pet food market; we look forward to embarking on this next step on Voff’s growth journey with them.

The premium natural pet food market is forecast to continue to deliver attractive underlying growth going forward, particularly underpinned by pets increasingly being viewed as a core member of the family and a growing propensity for pet owners to spend more on premium, high-quality products. Voff’s vision of enabling a world of happier and healthier pets is well-aligned to cater to these demands.

“The Voff team has built a very impressive business with strong market positions in Germany, the UK and the Nordics within the fast-growing premium natural pet food segment. Voff is an exciting opportunity for Axcel to leverage our experience within the pet and consumer sectors. Mårten and the wider management team have a clear vision to further advance their leadership position in Europe by continuing Voff’s impressive growth journey in current and new markets,” says Asbjørn Mosgaard Hyldgaard, Partner at Axcel and responsible for the investment.

Voff was acquired from the Swedish growth investor Systematic Growth, senior management and other key employees. Senior management and key employees will continue as significant minority shareholders in Voff alongside Axcel.

The transaction is subject to customary regulatory approvals and is expected to complete in Q3 2022.

Voff is Axcel VI’s 13th investment.

About Voff Premium Pet Food
Voff is a leading European producer of natural premium pet food. Since its founding in 2014 Voff has continued to strengthen its foothold across Europe, and today consists of nine strong main brands that are produced and sold across Europe. Voff believes in natural, premium pet food products and sells a wide range of products – from raw pet food (BARF) to natural air-dried treats, natural pet supplements, chews and high-quality bird food – across various channels, online and offline. Voff has an established presence in Germany, the UK and the Nordics, with revenues of approximately SEK 1.0 billion and 300+ employees.

About Axcel
At Axcel, we work hard to create value that lasts long after the exit which requires more than just capital. With our strong focus on leading Nordic companies in the industrials & business services, technology, consumer and healthcare sectors, we create success through a combination of our team’s network and experience paired with a systematic, growth-oriented value creation approach. Over the last 25 years, Axcel has raised six funds with cumulative capital commitments of EUR 2.8 billion. These funds have made 68 platform investments, with more than 150 add-on investments and 49 divestments.


Further information

Asbjørn Mosgaard Hyldgaard, Partner
Tel.: +45 22 16 81 42

Christian Schmidt-Jacobsen, Managing Partner
Tel.: +45 21 78 36 97

Voff Premium Pet Food
Mårten Bernow, CEO
Tel.: +46 (0)722 41 97 42