10 hours ago
Partners Group buys UK pet-food business MPM from 3i
Partners Group has agreed to buy UK pet-food business MPM Products from its UK private-equity peer 3i.
Established 2002, Manchester-based MPM's portfolio includes cat-focused brands such as Applaws, Reveal and Encore.
With offices in the UK, Australia, China and US, MPM sells its products in 49 markets globally, according to the company's official Linkedin account.
In a statement, 3i said MPM's sales and EBITDA have more than 'doubled' since its investment in 2020, though specific figures were not disclosed.
International sales now account for nearly 80% of MPM's revenues across the US, EMEA, and APAC regions, the private-equity firm said.
3i said the "total gross proceeds" to the buy-out house are estimated at approximately £400m ($538.2m).
In a separate statement, Partners Group said the cat-food sector is "benefitting from several thematic tailwinds". People are delaying having babies, leading to increased pet ownership and the "premiumisation" of purchases.
Thomas Clark, MD for private-equity goods and products at Partners Group, said: "We have been tracking the pet food market as part of our broader thematic research into the 'humanisation' of pets. We believe there is a significant growth opportunity in the premium cat food segment as this has historically been underserved by incumbent producers that are primarily 'dog focused'."
The transaction is subject to customary regulatory approvals and is expected to be completed in the third quarter of the year.
Julian Bambridge, MPM's CEO, said: "Feeding is one of the key moments when owners interact with their cats, which reinforces a desire to provide something special at these times. At MPM, our goal is to enrich the lives of pets and owners through visibly better food that uses the highest quality natural ingredients and provides core health benefits. We are excited to continue our strong growth under Partners Group's ownership."
"Partners Group buys UK pet-food business MPM from 3i" was originally created and published by Just Food, a GlobalData owned brand.
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