Investment in high-growth pet food brand


  • Internet/Consumer
  • Year of investment
  • Fund
    Apax X
  • Status

Nulo is one of the fastest growing natural pet food brands in the US pet specialty channel.

The deal team considered this to be a rare proprietary opportunity to invest in a high-growth, premium pet food business that is well positioned in a large and attractive market.

The investment thesis centred on the ability to leverage Apax’s deep operational expertise and value-creation approach to fuel growth.


Our performance


AGA invested

Investment Thesis

Expand distribution

Expand distribution and increase velocity to accelerate the strong growth rates achieved to date.

Develop capabilities

Development of operational capabilities to optimise margins as the business scales.

Increase digital growth

Opportunity to increase digital growth, partnering with experts in Apax’s Operational Excellence Practice.

Leverage global platform

Ability to leverage Apax’s global platform to build out international presence.