ECI is delighted to announce that it has exchanged on the sale of MPM for a return of 4.4x, with completion 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. MPM’s products are sold across 50 countries and the business has maintained its strong growth this year, proving 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 and 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, enriching the lives of pets and their owners through visibly better pet food. MPM brands are well positioned across pet specialty, grocery and online channels as demonstrated by its strong revenue growth which has seen consistent growth of over 20% each year for the past five years.
The global pet food sector is worth over £58 billion and has grown every year since 2005 including during the Global Financial Crisis of 2008-2009. 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 than ever before, and a growing focus on quality and sustainability.