Switzerland-based private equity firm Partners Group, acting on behalf of its clients, has agreed to acquire Manchester-based MPM Products, a global pet food business focused on premium cat food, from 3i.
MPM operates market leading premium wet cat food brands, including Applaws, Reveal, and Encore.
3i said its total gross proceeds are estimated to be £400 million “which represents a c.17% uplift on its 31 March 2025 valuation and c.29% uplift on its 31 December 2024 valuation.”
3i added: “Including proceeds already received, this represents a 3.2x multiple of invested capital and an IRR of 29%.”
Partners Group said: “MPM’s products are characterised by their focus on the use of real meat and fish that is ‘visibly different’ to mass market offerings, natural clean label ingredients, and an innovative range.
“MPM sells its products in over 50 countries, with a strong position in markets across North America and Europe. The company maintains sales channels across e-commerce and retail stores.
“The cat food sector is benefitting from several thematic tailwinds, including delayed family formation leading to increased pet ownership, the premiumization of products, and resilience due to the essential need of feeding pets.
“The benefits of wet cat food, including higher moisture content, easier digestion, and enhanced palatability, is further driving the growth of premium products, which is where MPM’s sales are focused.
“Partners Group will work with MPM’s experienced management team to accelerate the company’s future growth. Key value creation initiatives will focus on further expanding sales in MPM’s largest markets, building operations in new markets, and reinforcing supply chain resilience.”
MPM Products CEO Julian Bambridge 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.”
Thomas Clark, Managing Director, Private Equity Goods & Products, Partners Group, said: “We have been tracking the pet food market as part of our broader thematic research into the ‘humanization’ 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’. We look forward to working with Julian, management, and the wider MPM team on our value creation plan.”
Partners Group’s private equity business has $78 billion in assets under management globally. Partners Group was advised by Clifford Chance on the transaction.
3i said that since its investment in December 2020, MPM’s sales and EBITDA have more than doubled.
“The company has broadened its omnichannel footprint and scaled significantly, driven by strong growth across pet specialty, food / drug / mass retail, and online channels,” said 3i.
“International sales now represent c.80% of revenues (US, EMEA and APAC).
“Alongside organic growth, 3i has supported MPM through strategic initiatives across brand, product innovation, operations and sustainability, with MPM recertifying as a B Corp in 2024.”
MPM CEO Bambridge added: “3i has been an outstanding partner. Their support in expanding our international footprint, investing in innovation and elevating our brand has been instrumental in MPM’s success. We are proud of the global platform we have built together and are excited for the next chapter.”
Rupert Howard, Partner, 3i, said: “It has been an absolute pleasure partnering with Julian and the entire team at MPM. At every step, the team has over-delivered and we are extremely proud of what we have achieved together over the last 4.5 years as we have developed MPM’s brands, customers, channels and geographies.
“We wish the team and Partners Group every success as MPM continues to expand its international presence in premium natural cat food.”
The transaction is subject to customary regulatory approvals and is expected to complete in Q3 of 2025.
Harris Williams is acting as financial advisor for 3i.