CEO Julian Bambridge
The private equity owner of MPM Products is looking to double its money on its investment in the pet food business.
According to reports over the weekend, private equity firm ECI Partners has appointed advisers to find a buyer for MPM Products, and is seeking in the region of £100m.
This is double the price ECI paid for a majority stake in the Macclesfield business in March 2016, reports The Business Desk.
CFO James Bracewell
MPM’s brands include Applaws, Encore and Nature’s Calling, and the company was set up by Roger Wood, Roger Coleman and Jon Kinsey in 2002. They held a minority stake in the business after the buyout, while the MPM management team headed by CEO Julian Bambridge and CFO James Bracewell led the business, in partnership with ECI.
MPM has enjoyed success in the US and Asia, and latest accounts show a 19% increase in revenues in 2017 to £53m. Profits were around £4m.
In July 2017, it moved from Macclesfield to Manchester Airport taking 10,700 sq ft at Trident office scheme, signing a 10-year lease.
ECI is reported to have appointed bankers from Harris Williams to achieve a sale by next year.
Jonathan Buxton, a partner at mergers and acquisitions specialist Cavendish Corporate Finance, said private equity giants have a ‘close interest’ in the pet sector.
He said: “Pet care spend is experiencing unprecedented growth – especially in Europe which has 200 million pets.”
ECI and Harris Williams have declined to comment.