Cowen advises shareholders of Barfer’s Wellfood on the addition of Perwyn as majority shareholder

Tombstone Barfers Perwyn Transaction 2021 en


Cowen advised the shareholders of Barfer’s Wellfood (“Barfer’s”), Germany’s best-known raw food brand for dogs and cats, on the addition of London-based private equity investor Perwyn as majority shareholder. With the conclusion of the transaction, minority shareholder BE Beteiligungen Fonds sold their shares to the new majority shareholder. In partnership with Norman Vogel, the founder of Barfer’s, Perwyn plans to continue to build on Barfer’s leading position as a D2C player focused on the BARF segment.

In 2011, Norman Vogel founded Barfer´s Wellfood and made the company to one of the leading brands among raw feeders. BARF, that is biologically appropriate raw food, provides a more natural, high-protein diet for domestic dogs and cats through a variety of raw meat, bones, and other uncooked ingredients. The in-house production and strict quality control of the ingredients represent a sustainable competitive advantage for the company and are the ideal basis to further strengthen their pioneering role in the rapidly growing raw food market for pets. Perwyn is the perfect partner for this undertaking.

Perwyn has previously invested in a number of digital direct-to-consumer businesses including Gousto, Lookiero, and Secret Sales. They plan to leverage their experience to the benefit of Barfer’s.


Norman Vogel is looking forward to the further development of Barfer’s: “With Perwyn, Barfer’s gets a strong partner who, due to their experience, will strategically further develop Barfer´s and drive future growth. Perwyn is the perfect partner for the next steps of the company.”

Heinz Holsten, Perwyn’s Chief Investment Officer, commented: “We are delighted at the opportunity to partner with Norman and together build the next chapter in Barfer’s history. The business that Norman has built over the past decade is very well positioned to drive growth in the BARF category going forward. Perwyn has been following the pet category for a number of years and Barfer’s is particularly well positioned at the intersection of the humanization and premiumization trends in the category.”

With this transaction, Cowen has once again demonstrated its expertise in the pet food market and has advised the client to its full satisfaction.

Norman Vogel: “With Cowen we have found a professional partner who has accompanied this transaction holistically, in partnership and efficiently based on trust. The Cowen team provided excellent support to both parties and brought them together. We thank the entire team for the excellent cooperation.”

Rolf Brodbeck and Roland Eschmann, BE Beteiligungen Fonds: “Thanks to a professional and focused advice, Cowen found an ideal partner for the next growth phase of Barfer’s and achieved an excellent result of the process.”


Barfer’s Wellfood, founded in 2011 by Norman Vogel, is a Berlin-based raw food company. At the time of foundation, BARF was only known to insiders and experts, and has since developed into an attractive market with strong growth rates. Today, Barfer’s Wellfood has a strong position among its broad customer base that values individual and high-quality pet food.

The premium brand offers more than 200 products through their online shop and distributes orders across Germany via their integrated logistics center. In addition, they offer dog and cat lovers professional advice on the ideal food mix for their pet at dedicated stores in the Berlin area.


Perwyn looks to invest in established, cash generative market leaders headquartered in the UK or Western Europe, where we can support growth initiatives and businesses in transition. We target businesses with an Enterprise Value of £/€20-250m, where we will be the first or second private equity investor.

Perwyn has a partnership approach to investing alongside management teams, taking on an active role in our businesses. This includes working to develop a clear strategy for each business, ensuring the right management team and Board is in place, professionalizing reporting and processes, seeking and evaluating M&A opportunities and, where appropriate, providing further capital to support company strategy.




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