Q4 2023

Pet Industry M&A Update



  • The ProShares Pawz Pet Care ETF increased 19.1% in Q4 and outperformed the S&P 500 index, which increased 11.2% over the same period.
  • The median EV/EBITDA multiple for reported PE deals was 23.3x in 2023, up from 15.4x in 2022, and increased for strategic deals to 36.6x in 2023 from 14.5x in 2022.
  • M&A deal volume in the Pet sector increased 151.1% in Q4 to 113 deals from 45 in Q3, but decreased 28.5% from 158 deals in Q4 of the prior year.
  • Total capital invested increased 3475.0% to $14.3 billion in Q4 from $0.4 billion in Q3 and increased 232.6% from $4.3 billion in Q4 of the prior year.
  • North America was the most active region in Q4 with 49 closed transactions. Most notable in the North American market was PAI Partners’ $13.6 billion acquisition of Alphia in October 2023.

Please view our Q4 2023 Pet Industry M&A Update below:


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