HMT LLP advised Ethos Partners on the management buyout of UK based designer and manufacturer of pet products, Pet Mate Ltd.
Founded in 1986 by husband and wife Chris and Barbara Kirk, Pet Mate is a market leader in its pet product niche and has grown consistently at 15% per annum in recent years to over £2m EBITDA.
Under the brands of Cat Mate, Dog Mate and Fish Mate, the company has established a reputation (over 30 years) for designing and marketing unique and innovative ranges of patented pet products including pet doors, feeders, watering fountains, and pond filters.
Based in Walton-on-Thames, the company currently sells across UK, Western Europe, US and Australia.
The transaction was led by Ethos Partners, whose principals and HNW investor base provided equity funding to support the acquisition.
In partnering with CEO Andrew Lane, the buyout presents an opportunity for Pet Mate to continue to deliver ongoing product innovation in technology-led products and to drive domestic and international expansion.
HMT undertook financial due diligence on this transaction.
Scott Bannerman, Investment Director at Ethos commented:
“Paul, Corin and Andrew continue to provide a high level of client service to Ethos and we were grateful for their flexibility during the Pet Mate process in helping us identify the key issues early on. As always, HMT maintained a high level of dedication throughout and always provide thoughtful and pragmatic advice.”
Paul Read commented:
“We are delighted to have assisted Ethos on their investment to support the MBO of Pet Mate. The business has enjoyed consistent growth and a strengthening reputation with its household brands. With Ethos’ support, Pet Mate is well placed for continued growth in the UK, as well as on an international scale.”