Pet Industry M&A Update

RESOURCE HIGHLIGHTS

• In Q2 the ProShares Pawz Pet Care ETF increased by 10.6% and outperformed the S&P 500, which increased by 10.2% over the same period.
• The median EV/EBITDA multiple in the Pet sector for reported private equity deals decreased to 12.2x in 1H 2025 from 16.8x in 2024, and decreased for strategic deals to 8.1x from 13.0x in the prior year.
• M&A deal volume in the sector decreased 25.0% in Q2 to 114 deals from 152 in Q1, but increased 34.1% from 85 deals in Q2 of the prior year.
• North America was the second most active region, behind Europe, in Q2 with 31 deals. Most notably in North America was Patient Square Capital’s $4.1 billion acquisition of Patterson Companies, a Minnesota-based distributor in the animal health sector, in April 2025.
• Total capital invested in M&A transactions increased 2,700.0% in Q2 to $5.6B from $0.2B in Q1, due primarily to the Patterson Companies deal mentioned above.