Pet Industry M&A Update

RESOURCE HIGHLIGHTS

• In Q3, the ProShares Pawz Pet Care ETF decreased by 4.1% and was outperformed by the S&P, which increased by 7.9% over the same period.
• The median EV/EBITDA multiple in the Pet sector for reported private equity deals decreased to 12.2x in YTD 2025 from 16.8x in 2024, and decreased for strategic deals to 8.1x from 13.0x in the prior year.
• M&A deal volume in the sector decreased 15.8% in Q3 to 96 deals from 114 in Q2, but increased 17.1% from 82 deals in Q3 of the prior year.
• Europe was the second most active region, behind North America, in Q3 with 31 deals. Most notably in Europe was Partner Group’s $539 million acquisition of MPM Products, a UK-based manufacturer of pet food products, in September 2025.
• Total capital invested in M&A transactions decreased 83.9% in Q3 to $0.9B from $5.6B in Q2, due primarily to a shift in mix toward smaller sized deals. In Q3, the largest deal was the $539MM MPM Products deal compared to Patient Square Capital’s $4.1 billion acquisition of Patterson Companies in April 2025.