Latest / The Buyout Show with Fexingo: Private Equity, Roll-Ups, and Business Acquisitions
How Private Equity Is Buying Up Pet Food Companies
In this episode, Lucas and Luna explore the surge in private equity acquisitions of independent pet food brands. They focus on the $1.2 billion purchase of Freshpet by a consortium led by Clayton Dubilier & Rice in late 2025, asking what draws PE to a category traditionally driven by owner-entrepreneurs. Lucas breaks down the economics: category growth running at roughly 8 percent annually, significantly higher than packaged food, and the shift from kibble to fresh and raw diets that creates premium-pricing power. Luna questions whether the acquisition playbook of cost-cutting and…
The skinny
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