Nasta Pet Food Secures EUR120M Financing to Acquire Canada’s FirstMate Pet Foods
Executive Summary: H.I.G. WhiteHorse has arranged a EUR120 million ($140.3 million USD) financing package for Nasta Pet Food to support its acquisition of FirstMate Pet Foods, a premium pet food manufacturer based in Canada. The combined group will operate an integrated industrial platform across Europe and North America with approximately 45,000 tons of dry pet food and 4,000 tons of wet pet food capacity, targeting EUR200 million in consolidated revenue for 2026.
Key Facts
- Company
- Nasta Pet Food (acquirer) / FirstMate Pet Foods (target)
- Country
- France / Canada
- Industry
- Premium pet food manufacturing
- Category
- Mergers & Acquisitions
- Event
- EUR120M financing for cross-border acquisition
- Date
- 2026-09-03
- Location
- Europe and North America
- Source
- Pet Food Processing
What Happened
H.I.G. WhiteHorse, the credit affiliate of global alternative investment firm H.I.G. Capital, announced on March 3, 2026 that it has arranged a EUR120 million ($140.3 million USD) financing package for Nasta Pet Food. The financing supports Nasta’s acquisition of FirstMate Pet Foods, a premium pet food manufacturer based in Canada, and the continued execution of Nasta’s development strategy in North America.
Following the transaction, the combined group will operate an integrated industrial platform across Europe and North America, with consolidated annual production capacity of approximately 45,000 tons of dry pet food and 4,000 tons of wet pet food. The group is aiming for approximately EUR200 million ($234 million USD) in consolidated revenues in 2026.
Background
Nasta Pet Food is a French company positioned in the ultra-premium pet nutrition segment, with integrated industrial capabilities and an international growth strategy. The pet market canada has seen increasing interest from European manufacturers seeking North American production footprints. FirstMate Pet Foods, the Canadian target, brings established manufacturing capacity and brand equity in the North American premium pet food segment.
The acquisition continues a pattern of cross-border pet food M&A activity, following Central Garden & Pet’s EUR400M acquisition of 80% of TRIXIE earlier in 2026 and Woolworths Group’s A$586M acquisition of 55% of Petspiration Group. The pet industry report 2026 has noted a slowdown in overall deal count but rising average transaction values.
Industry Context
The global pet food manufacturer landscape is consolidating around mid-sized players seeking scale to compete with industry giants Mars and Nestle Purina. Nasta’s acquisition of FirstMate gives the combined entity production on two continents, positioning it as a supplier of private label pet products and branded premium nutrition. The deal also reflects continued investor appetite for pet food assets, which are seen as resilient consumer staples with steady demand through economic cycles.
Market & Business Impact
For pet wholesale suppliers and distributors, the combined Nasta-FirstMate entity represents a new mid-sized competitor with European and North American manufacturing. The 49,000-ton combined capacity places it in the mid-tier of global pet food producers, below Mars and Nestle but above many regional players. The EUR200M revenue target indicates management expects meaningful cross-selling between European Nasta channels and North American FirstMate distribution.
For retailers evaluating pet products factory sourcing, the deal creates a new option for premium private label manufacturing with dual-continent production. This can reduce logistics costs for retailers sourcing from both European and North American facilities.
Companies & Brands Involved
Nasta Pet Food (France) is the acquirer, with CEO Geoffroy Lefebvre leading the transaction. FirstMate Pet Foods (Canada) is the acquisition target. H.I.G. WhiteHorse Europe provided the financing, with Managing Director Charles Bourgeois and Head Pascal Meysson leading for the lender.
Data & Evidence
- Financing amount: EUR120M ($140.3M USD) — Source: Pet Food Processing, March 3, 2026
- Combined dry pet food capacity: ~45,000 tons — Source: Pet Food Processing
- Combined wet pet food capacity: ~4,000 tons — Source: Pet Food Processing
- Revenue target 2026: ~EUR200M ($234M USD) — Source: Pet Food Processing
- Acquirer CEO: Geoffroy Lefebvre, Nasta Pet Food — Source: Company statement via Pet Food Processing
What This Means for the Pet Industry
The Nasta-FirstMate deal shows that despite headlines about slowing pet M&A deal count, capital is still flowing toward mid-sized premium pet food manufacturers with credible cross-border growth plans. The EUR120M financing size is notable — it signals that lenders see pet food as a resilient category worth backing even in a tighter credit environment. For the pet market canada specifically, the acquisition transfers a domestic manufacturer into a European-led group, which could shift brand strategy and distribution priorities for FirstMate’s existing retail partners. Expect more mid-market consolidation as companies with EUR50-250M revenue seek scale to compete with the top tier.
Key Takeaways
- H.I.G. WhiteHorse arranged EUR120 million ($140.3M USD) in financing for Nasta Pet Food to acquire FirstMate Pet Foods, a Canadian premium pet food manufacturer.
- The combined group will have approximately 45,000 tons of dry pet food and 4,000 tons of wet pet food capacity across Europe and North America.
- Nasta targets approximately EUR200 million ($234M USD) in consolidated revenue for 2026.
- The deal reflects continued investor appetite for ultra-premium pet nutrition assets despite a broader M&A slowdown.
Frequently Asked Questions
What happened?
H.I.G. WhiteHorse arranged EUR120M financing for Nasta Pet Food to acquire FirstMate Pet Foods, a Canadian premium pet food manufacturer, creating a cross-continental group targeting EUR200M revenue in 2026.
Which company is involved?
Nasta Pet Food (France, acquirer), FirstMate Pet Foods (Canada, target), and H.I.G. WhiteHorse (financing provider).
Where did it take place?
The transaction spans Europe and North America, with FirstMate’s manufacturing based in Canada and Nasta’s operations in Europe.
Why is this important for the pet industry?
The deal creates a new mid-sized premium pet food manufacturer with dual-continent production capacity, increasing competition in the ultra-premium segment and providing a new private label sourcing option for retailers.
What pet industry segment is affected?
Premium and ultra-premium pet food manufacturing, private label pet products, and cross-border pet food distribution.
Sources
- Primary – Pet Food Processing, https://www.petfoodprocessing.net/articles/print/20200-nasta-pet-food-secures-financing-for-firstmate-acquisition, March 3, 2026
- Secondary – Company statements from CEO Geoffroy Lefebvre and H.I.G. WhiteHorse MD Charles Bourgeois (via Pet Food Processing)
