Pet Industry M&A Update

RESOURCE HIGHLIGHTS

• The ProShares Pawz Pet Care ETF decreased by 3.4% and outperformed the S&P 500, which decreased by 4.8% over the same period.
• The median EV/EBITDA multiple in the Pet sector for reported private equity deals decreased to 8.2x in Q1 from 9.9x in 2025, but increased for strategic deals to 8.5x from 8.2x in the prior year.
• M&A deal volume in the sector decreased 1.4% in Q1 to 73 deals from 74 in Q4 2025, and decreased 52.0% from 152 deals in Q1 of the prior year.
• Europe was the most active region in Q1 with 30 deals. Most notably in Europe was an undisclosed investor’s public investment in Eden Research for $14.6 million, a developer of biopesticide products for animal health.
• Total capital invested in M&A transactions increased 12.5% in Q1 to $0.9B from $0.8B in Q4, due primarily to large acquisitions such as De Heus Animal Nutrition’s $689.3 million acquisition of CJ Feed & Care.