Swiss private equity giant Partners Group has acquired premium petfood manufacturer MPM Products in a £400m buyout from 3i.
Manchester-headquartered MPM, which owns the Applaws, Reveal and Encore catfood brands, has grown swiftly over the five years spent under 3i ownership, more than doubling sales and EBITDA since its acquisition from ECI Partners in 2020 for £125m.
Partners’ £400m bid represents a 17% jump in MPM’s value since the end of March alone, and a 29% uplift on its 31 December valuation. The deal has made 3i a tidy return of more than three times its invested capital.
MPM’s rapid growth has been powered by sector tailwinds, as consumers’ concerns over nutrition and ultra-processed foods turn towards the meals they feed their pets: its own products feature meat and fish that it claims to be “visibly different” to mass-market offerings.
“We have been tracking the petfood market as part of our broader thematic research into the ‘humanisation’ of pets,” said Thomas Clark, Partners Group’s MD for private equity goods & products.
“We believe there is a significant growth opportunity in the premium catfood segment as this has historically been underserved by incumbent producers that are primarily ‘dog-focused’.”
Julian Bambridge, CEO of MPM, 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.”
MPM has targeted international markets for growth, with international sales in US, EMEA and APAC now making up 80% of revenues.
Partners’ acquisition of MPM is expected to complete in the third quarter of 2025, subject to regulatory approvals.
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