Q1 2024

Pet Industry M&A Update



  • The ProShares Pawz Pet Care ETF decreased 4.7% in Q1 and was outperformed by the S&P 500 index, which increased 10.8% over the same period.
  • The median EV/EBITDA multiple for reported PE deals was 17.9x in 2024, down from 23.3x in 2023, and decreased for strategic deals to 11.9x in 2024 from 36.6x in 2023.
  • M&A deal volume increased 19.5% in Q1 to 135 deals from 113 in Q4, and increased 11.6% from 121 deals in Q1 of the prior year.
  • As a % of total deal volume, PE buyers trended higher in Q1 relative to strategic buyers, representing 63.0% of deal volume in the sector, up from 55.1% in 2023.
  • Europe was the most active region in Q1 with 64 closed transactions. Most notably in the European market was EQT’s $5.7 billion acquisition of Dechra Pharmaceuticals in January 2024.

Please view our Q1 2024 Pet Industry M&A Update below:


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