Pet Industry M&A Update

RESOURCE HIGHLIGHTS

• In Q2, the ProShares Pawz Pet Care ETF decreased by 6.9%, underperforming the S&P 500 which increased 14.0% over the same period.
• The median EV/EBITDA multiple in the Pet sector for reported private equity deals decreased to 8.2x in 1H 2026 from 9.9x in 2025, but increased for strategic deals to 8.5x from 8.1x in the prior year.
• M&A deal volume in the sector increased 72.6% in Q2 to 126 deals from 73 in Q1, and increased 10.5% from 114 deals in Q2 of the prior year.
• Europe was the most active region in Q2 with 53 deals. Most notably in Europe was Azzurra Capital’s $171.2 million buyout of Ballestra, a manufacturer of processing equipment for animal feed industries.
• Total capital invested in M&A transactions increased significantly in Q2 to $5.7B from $0.9B in Q1, due primarily to several large acquisitions including Rosebank Industries’ $2.1 billion buyout of CPM Holdings.