3i invests in MPM to accelerate international expansion

3i Group plc (“3i Group”) announces that it has agreed to invest c. £125m alongside management for a majority stake in MPM, an international leader in branded, premium, natural pet food.

Headquartered in Manchester, UK, MPM was founded in 2002 and owns leading brands such as Applaws, Encore and Reveal. The company differentiates itself through its high quality, human-grade products, its natural, clean-label ingredients and its “cat first” proposition. MPM’s loyal customer base places great importance on its sustainable sourcing and recyclable packaging. It has an established presence in the UK, EMEA and APAC with a fast growing business in North America. International sales account for more than 60% of revenues. MPM has developed strong relationships with key retailers across pet specialist, grocery and online channels.

Over the past six years, MPM has grown consistently at double digit CAGR and is highly cash generative. The premium wet cat food market is large and is forecast to continue to grow at c. 7% p.a. The market has proven resilient through economic downturns and Covid-19, with pet ownership increasing amongst a highly engaged and loyal community for whom pets are seen as family members.

Rupert Howard, Director, 3i, commented: “We have been tracking MPM for a long time and are delighted to invest in this rapidly growing, resilient business. Owners looking to feed their pets natural, high quality food with recognisable ingredients are drawn to MPM’s brands across a variety of channels and geographies. MPM fits well with 3i’s desire to invest in strong mid-market businesses where we see significant headroom for further international growth. We look forward to supporting Julian, James and their excellent team with their ambitions.”

Julian Bambridge, CEO, MPM, added: “3i has a formidable track record in helping its companies to grow internationally, particularly in the US market. This will be especially key for MPM as we look to accelerate our expansion in North America. The 3i team also has significant brand expertise through a number of its consumer investments which will be of great benefit to MPM.”

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3i Group plc

About 3i Group

3i is an investment company with two complementary businesses, Private Equity and Infrastructure, specialising in core investment markets in Northern Europe and North America.

3i’s Private Equity team provides investment solutions for growing companies, backing entrepreneurs and management teams of mid-market companies with an EV typically between €100m - €500m. We back international growth plans, providing access to our network and expertise to accelerate the growth of companies across the consumer, industrial, healthcare and business and technology services industries.

For further information, please visit: www.3i.com

About MPM

Headquartered in Manchester, UK, MPM was founded in 2002 and owns leading brands such as Applaws, Encore and Reveal. The company differentiates itself through its high quality, human-grade products, its natural, clean-label ingredients and its “cat first” proposition.

Regulatory information

This transaction involved a recommendation of 3i Investments plc.