H.I.G. WhiteHorse, the credit arm of HIG Capital, has arranged a €120 million financing package for Nasta Petfood, a French family-owned group with an ultra-premium pet nutrition portfolio, as the company moves to consolidate operations across two continents.
The deal, announced funds Nasta's acquisition of FirstMate Pet Foods, a premium dry and wet pet food manufacturer headquartered in British Columbia, Canada. Together, the two businesses will form a combined production platform spanning France, Italy, and North America with annual dry food capacity of roughly 45,000 metric tons and wet food capacity of about 4,000 metric tons. Nasta is targeting approximately €200 million in consolidated revenue for 2026.
A Founder-Led Business Looks to North America
Founded in 2016, Nasta describes its product philosophy around the intersection of nature, science, and taste — selling into more than 30 markets through brands that include Bab'in, Forza10, Natural Code, and, following the closing, FirstMate Pet Foods. The group claims a combined brand heritage of over 150 years in animal nutrition across its portfolio. Products reach more than 400,000 pet-owning households worldwide.
Geoffroy Lefebvre, CEO of Nasta, said the H.I.G. WhiteHorse partnership "marks the beginning of a new chapter of growth and maturity for Nasta," adding that the backing of a global institution validates both the company's brand heritage and its teams.
The FirstMate acquisition gives Nasta a manufacturing and distribution foothold in British Columbia, plugging it into a North American specialty pet food market where premium and super-premium products have consistently outpaced conventional kibble. Analysts have noted that the independent pet specialty channel — where FirstMate's products are primarily sold — skews toward higher-margin, ingredient-focused offerings, making it an attractive entry point for European brands with similar positioning.
HIG Capital's European Credit Unit Structures Cross-Border Flexibility
H.I.G. WhiteHorse Europe, which arranged the facility, has been widening its direct lending activity across the Continent. Pascal Meysson, the unit's head, said the Nasta deal illustrates its capacity to deliver flexible, scalable capital to founder-owned businesses pursuing acquisitions across borders without traditional private equity sponsorship.
Charles Bourgeois, a managing director at H.I.G. WhiteHorse Europe, described Nasta as a high-caliber business with integrated manufacturing capabilities and a clear growth plan. He called the FirstMate acquisition a key milestone in the group's international expansion and noted the deal strengthens the company's footprint in North America.
The Nasta deal arrives amid a broader push by H.I.G. WhiteHorse to grow its European direct lending book. Earlier this year, the platform provided a first-lien, senior-secured credit facility to Büter Group, a Dutch manufacturer of hydraulic cylinders backed by NPM Capital — a deal that similarly involved a single-sponsor transaction executed quickly around the holiday period. WhiteHorse also closed its Middle Market Lending Fund IV at $5.9 billion, signaling strong limited partner appetite for the platform's approach to non-sponsor and sponsor borrowers.
A Firm Built for Middle Market Complexity
HIG Capital was founded in 1993 by Sami Mnaymneh, Founder, Executive Chairman and CEO, and Tony Tamer, Founder and Executive Chairman. Over three decades, the Miami-based firm has grown to $74 billion in capital under management and built a platform spanning private equity, direct lending, real estate, infrastructure, and special situations across offices in North America, Europe, the Middle East, and Asia.
HIG has invested in and managed more than 400 companies globally since its founding, with a current portfolio of more than 100 businesses generating combined annual revenues above $53 billion. H.I.G. WhiteHorse, its direct lending arm, has deployed roughly $18 billion in U.S. lending transactions alone, with a separate European operation that has been accelerating deal activity in recent quarters.
Pet food has drawn consistent attention from private capital over the past decade, driven by rising household spending on companion animals and the premiumization of the category. HIG's exposure to the sector now spans both sides of the Atlantic, with the Nasta financing adding international scale to an industry segment where consumer loyalty and repeat purchasing cycles tend to support durable cash flows.
