Pet Industry M&A Update

RESOURCE HIGHLIGHTS

• In Q1, the ProShares Pawz Pet Care ETF decreased 3.9% but outperformed the S&P 500, which decreased by 4.4% over the same period.
• The median EV/EBITDA multiple for strategic deals in the Pet sector decreased to 7.0x in Q1 from 13.0x in 2024, while no private equity multiples were reported during the period.
• M&A deal volume in the sector increased 102.7% in Q1 to 152 deals from 75 in Q4 2024, and increased 12.6% from 135 deals in Q1 of the prior year.
• As a % of total capital invested in M&A transactions, PE participation decreased in Q1 to 21.9% from 79.2% in 2024.
• North America was the most active region in Q1 with 67 deals. Most notably in North America was Just Climate’s $25.0 million acquisition of GreenLight Biosciences, a Massachusetts-based developer of sustainable RNA-based solutions for animal health, in March 2025.