ECI is delighted to announce that it has exchanged on the sale of MPM for a return of 4.4x. The completion is subject to regulatory clearance.
Manchester-headquartered MPM produces premium, natural pet food for discerning cat and dog owners under the Applaws, Encore and Reveal brands. With products sold across 50 countries, the business has maintained its strong growth this year. The business proved itself to be highly resilient since the initial impact of Covid-19.
ECI first invested in MPM in March 2016 to help support its international growth. Today, over 60% of MPM’s revenues are international, with strong growth in both the US and APAC markets during ECI’s involvement. MPM prides itself on developing high-quality and innovative products, plus enriching the lives of pets and their owners through visibly better pet food. It is well-positioned across pet speciality, grocery and online channels as demonstrated by its strong revenue growth. MPM has seen consistent growth of over 20% each year for the past five years.
Worth over £58 billion, the global pet food sector has grown annually since 2005. That included during the 2008-2009 Global Financial Crisis. The long-term growth drivers supporting this include the rise in pet numbers, increasing interest in the premium segment as consumers spend more on their pets, and a growing focus on quality and sustainability.