Petbuddy Group, a Sweden-based pet food maker, has acquired UK firm Thrive Pet Foods for an undisclosed sum.

Stockholm-based Petbuddy said it will make “significant investments” in the Thrive brand to “elevate it to a global leader”.

Petbuddy, founded in 2018, has eight brands, with Buddy Pet Foods as its flagship product offering “all-natural, high-quality” pet food, snacks and supplements for dogs.

It said the acquisition “marks a significant milestone” in its journey to build a “global portfolio of market-leading pet food brands”.

London-based Thrive, which dates back 20 years, uses 100% chicken breast and 100% tuna fillets in its products, utilising “gentle processes” such as freeze-drying to make its foods and treats.

Alexander Retzlik, CEO of Petbuddy, said: “Thrive’s innovative product range and market leadership in freeze-dried products complement our vision perfectly. We are committed to making significant investments in the Thrive brand to elevate it to a global leader.

“These investments will focus on expanding product lines and enhancing distribution channels to meet the growing demand for high-quality pet food globally.”

Petbuddy, which exports to more than 50 countries, said it plans to use its established distribution networks to introduce Thrive products to new markets.

Paul Finger, the former owner of Thrive, will continue to work closely with PBG to drive the brand’s expansion efforts.

Just Food has asked Thrive for its comments on the deal.