L Catterton backs China pet food brand

Founded in 2009, Shanghai Enova aims to improve pets’ quality of life by providing products based on natural diets and international best practices. The company claims to have leveraged scientific research and cutting-edge technology over the years to develop innovative and premium pet food under patented formulas.

Enova distributes its products through speciality stores, pet hospitals, and major e-commerce platforms such as Tmall, JD.com, and stores within TikTok.

The investment comes at a time of rapid growth in China’s pet food market as owners increasingly seeking higher quality, more
nutritious food for their pets. According to L Catterton, the premium segment is experiencing the fastest growth and will more than triple in size over the next five years.

“Macro trends such as rising disposable incomes and the increasing humanisation of pets provide favourable tailwinds for the premium pet food category in China,” said Scott Chen, a managing partner at L Catterton Asia. “Enova is well-positioned to benefit from these trends, given its strong research and development capabilities, superior product quality, as well as significant and expanding omnichannel presence.”

This humanisation angle has also seen private equity capital flow into the likes of pet-focused lifestyle brand Vetreska, pet smart device manufacturer Petkit, and pet food producers Chongxing and Gambol. Meanwhile, others are looking to bring global brands into China. This was part of the rationale for FountainVest Partners acquiring New Zealand-based Ziwi in 2021.

Earlier the same year, KKR acquired New Zealand's Natural Pet Food Group with a view to developing an international footprint that currently covers China and Japan in Asia as well as North America and Australasia.

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• Topics
• Greater China
• Consumer
• Expansion
• China
• L Catterton