Thrive Foods acquires Canada-based Canature

On December 5, 2023, Thrive Foods, a manufacturer of freeze-dried products, acquired Canature, a producer of freeze-dried pet food and treats. The financial terms of the transaction were not disclosed. Thrive, a portfolio company of Entrepreneurial Equity Partners (e2p) and Mubadala Capital, took this step to expand its presence in the pet food industry. Canature, established in 2010 in British Columbia, Canada, is known for its high-quality freeze-dried pet food, treats, and ingredients, marketed under brands like NutriBites, UBite, and Hoopla. This acquisition enhances Thrive's technical expertise and manufacturing capabilities, particularly in the growing freeze-dried pet category. Canature's proficiency in front-end wet processing complements Thrive's existing facilities across North America and Europe. Legal counsel for e2p and Mubadala Capital included Mayer Brown LLP, Akin Gump Strauss Hauer & Feld LLP, and FTI Consulting. Canature was advised by McMillan LLP, K&L Gates LLP, Shaughnessy Advisory, Maple City Advisors, and KPMG. The acquisition, seen as a strategic move, is expected to create synergies and aid Thrive's expansion in the pet food sector.

Deal Type

Merger & Acquisition

Industry

Agriculture

Transaction

Undisclosed/Confidential

Deal Status

Closed

Closing Date

05 December 2023