Key Takeaways
- Sector: Consumer.
- Geography: United Kingdom.
Analysis
Partners Group has agreed to acquire MPM Products, a UK-headquartered pet-food business focused on premium wet cat food, from 3i.
MPM owns the Applaws, Reveal and Encore brands and emphasises recipes containing real meat and fish, natural clean-label ingredients and innovative product formats. Its range is sold in over 50 countries, with meaningful market share across North America and Europe through both e-commerce platforms and bricks-and-mortar retailers.
Structural tailwinds underpin the sector: delayed family formation has driven higher pet ownership, while premiumisation and the essential nature of pet feeding support resilient demand. The moisture, digestibility and palatability advantages of wet cat food are also accelerating growth in MPM’s core segment.
Partners Group will partner with CEO Julian Bambridge and the management team to expand in existing geographies, enter new markets and bolster supply-chain resilience.
“We believe premium cat food remains under-served by traditional, dog-focused incumbents,” said Thomas Clark, Managing Director at Partners Group. “MPM is well positioned to capture that opportunity.”
Partners Group’s private-equity arm oversees USD 78 billion in assets. Clifford Chance advised the firm on the transaction.
Recent pet-food M&A highlights
- Nov 2024: General Mills agreed to acquire Whitebridge Pet Brands for US $1.45 billion, adding Tiki Pets and Cloud Star to its growing pet-nutrition portfolio.
- Apr 2025: MSCP-backed FoodScience LLC bought Natural Dog Company, its first bolt-on since Morgan Stanley Capital Partners entered the business in 2024.
- Mar 2025: Sweden’s The Nutriment Company continued its buy-and-build strategy by acquiring Germany’s raw-pet-food pioneer BAF Petfood.
- Apr 2025: Nutriment followed up with the purchase of UK raw-feeding specialist Bulmer Pet Foods, its fifth deal of the year.
- Oct 2024: Canada’s Pure Treats (PureBites) snapped up Texas-based Bar W Foods & Eighteen Below, gaining a human-grade freeze-drying facility to boost raw treat capacity.
The string of transactions underscores robust investor appetite for pet nutrition assets—particularly those positioned at the premium, natural or raw end of the market—reinforcing Partners Group’s conviction in MPM’s growth potential.