Pet Mate, the UK-based designer, manufacturer and distributor of pet products for cats, dogs and fish with customers throughout Europe and the US, has been acquired in a multi-million deal by private investment firm Ethos Partners.
Pet Mate operates in the UK from a head office in Hersham, Surrey, and in the US from offices near Houston, Texas. Under the brands of Cat mate, Dog mate, Fish mate and trading as Ani Mate in the States, the company has been designing and marketing ranges of patented pet products for more than 30 years.
The global pet care market size was estimated at $131.7 billion in 2016 and is expected to reach $202.6 billion by 2025. Online retail within the sector is growing even faster, with US online sales alone forecast to grow by 17% from 2016 to 2022.
NEW MANAGING DIRECTOR
KBS Corporate Finance advised Pet Mate on the sale, introducing executive recruiters to bring on board a new managing director in preparation of the exit of Pet Mate’s founders, garnering interest from trade buyers and private equity firms across Europe and the US.
Given current market dynamics, interest was reportedly extremely strong and the investment from London-based Ethos Partners will enable the business to continue its strategic growth, providing a platform for the new MD to rapidly expand operations.
The founders of Pet Mate will now step down from day-to-day operations, while maintaining a significant share within the business as part of the sale.
Julian Coy and Mughees Saleem, of KBS Corporate Finance, advised Pet Mate on the sale and Julian said: “Pet Mate is a wonderful, global business operating in a great consumer sector. What was important was preparing the business so that the founders could retire away post transaction, retain a carried interest and maximise the overall value; it became apparent that Private Equity was the most appropriate vehicle to meet those requirements.”