MPM acquired by PARTNERS GROUP
Context
Partners Group has agreed to acquire a majority stake in MPM Products, the owner of premium cat food brands Applaws, Reveal, and Encore, from 3i Group. This acquisition marks the next phase of global expansion for the Manchester-based company. Under the previous four-year partnership with 3i, MPM successfully transformed from a UK-centric business into a true international player, with 80% of its sales now coming from overseas markets like the USA and APAC. The company also shifted its channel mix, securing shelf space in major food and drug retailers while accelerating its online presence. Partners Group intends to leverage this established "clean label" platform to further capitalize on the "pet humanization" mega-trend, likely focusing on deepening penetration in the North American market and continuing the brand's premiumization strategy. The deal also recognizes MPM's commitment to sustainability, highlighted by its recent B Corp recertification.
It is worth noting that the fund 3i took control of Mpm through an LBO in 2020.
MPM, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Retail & Consumer sector (11.9x).
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Target
MPM Products (Making Pet Food Matters) is a leading international provider of premium, natural pet food, distinguished by its portfolio of highly recognized brands including Applaws, Reveal, and Encore. Headquartered in the UK, the company specializes in "clean label" wet and dry food for cats and dogs, utilizing high-quality, human-grade ingredients with no artificial additives. Its business model is built on a capital-light, outsourced manufacturing strategy combined with a sophisticated global distribution network that spans over 50 countries. The organization targets the "pet humanization" trend, catering to health-conscious pet owners through specialized retail channels, grocery multiples, and a rapidly growing e-commerce presence.
Ent. Value
£500M–1.5bn
Equity Value
[members only]
Multiples
EV / Revenue
1x–3x
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (GBP)
Other operations with MPM
Other operations with MPM
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 11/2020 | 3I | MPM | UNITED KINGDOM | Pet Care |
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REFERENCES
Valuation range: EV £500M–1.5bn
Revenue range: £150–250M
EV/Revenue range: 1x - 3x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of MPM by PARTNERS GROUP are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: mpm
Acquirer: partners group