Butternut Box is a privately held company in the UK pet food sector, founded by two friends, Kev (Kevin Glynn) and Dave (David Nolan), in 2016[4][5][7]. While the company was started and is still operated by its founders, it is now majority-backed by major institutional investors through several funding rounds.
The most recent and largest investors are General Atlantic and L Catterton. In 2023, General Atlantic led a £280 million investment round in Butternut Box, joined by existing investor L Catterton[1][3]. Other investors with significant stakes include White Star Capital, Five Seasons Ventures, Passion Capital, Literacy Capital, Claret Capital, and HSBC[1]. The company’s shareholders are now a mix of these institutional investors and the founding team.
Butternut Box’s growth and ownership structure reflect the substantial investment from growth equity and private equity funds, which, together with the founders, hold ownership stakes in the business. The exact breakdown of shareholding is not publicly disclosed, but General Atlantic and L Catterton are now the key institutional owners, with the founders playing active roles in company management and mission execution[1][3][4][5].
References
- [1] Houlihan Lokey Advises General Atlantic
- [3] Butternut Box announces £280m investment from General Atlantic and L Catterton
- [4] Butternut Box – Certified B Corporation
- [5] Butternut Box fetches over €75M from Liquidity to become Europe’s next pet food unicorn
- [7] L Catterton Investments – Butternut Box
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