BAAR-ZUG, SWITZERLAND — MPM Products, a global pet food company with a focus on cat nutrition, was acquired by private equity Partners Group on June 17. Partners Group acquired the company from 3i, an investment company. 

Headquartered in the United Kingdom, MPM currently owns leading premium cat food brands, including Applaws, Reveal and Encore. The company’s cat foods are formulated with real meat and fish, and feature natural, clean-label ingredients to differentiate from other mass market offerings. MPM’s products are sold in more than 50 countries, with a strong presence throughout North America and Europe. Additionally, the company leverages e-commerce and retail store sales channels. 

“Feeding is one of the key moments when owners interact with their cats, which reinforces a desire to provide something special at these times,” said Julian Bambridge, chief executive officer of MPM. “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.”

“3i has been an outstanding partner,” Bambridge added. “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 at 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 four and a half 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.”

According to Partners Group, the cat food industry is benefitting from several tailwinds, including rising premiumization and humanization. Additionally, the American Pet Products Association has witnessed a rise in US cat ownership, with Gen Zers leading the charge. According to research from Packaged Facts, the number of US cat-owning households is expected to increase 1.18% through 2030, whereas dog-owning households are expected to increase by just 0.66%. Globally, cat ownership is now more common than dog ownership, according to Mars’ Global Pet Parent Study.

MPM continues to benefit from rises in cat ownership. According to Partners Group, the purported benefits of wet cat food, including its higher moisture content, ease of digestion and enhanced palatability is propelling growth in premium offerings, in which MPM is positioned. 

“We have been tracking the pet food market as part of our broader thematic research into the ‘humanization’ of pets,” said Thomas Clark, managing director of Private Equity Goods & Products at Partners Group. “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 Bambridge, management and the wider MPM team on our value creation plan.”

Through the acquisition, Partners Group will work with MPM’s management team to accelerate MPM’s growth. The companies will focus on value creation to expand sales in MPM’s largest markets, as well as establish operations in new markets and reinforce supply chain resilience. 

“The cat food sector has strong fundamentals as cat ownership continues to rise across developed countries,” said Nicholas Caronna, management member of Private Equity Goods & Products at Partners Group. “The market has also been resilient across economic cycles. MPM has made tremendous strides to expand geographically, and we look forward to supporting the team in this continued growth.”

The transaction is expected to be completed in the third quarter.

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