Dealmakers Look to Bite into Pet Food

"The pet space will remain a very active sector for investment in M&A," predicts Leigh Randall, managing partner at Topspin Consumer Partners, a private equity firm in Mamaroneck, N.Y. In May 2023, Topspin acquired the consumer products division of Three Dog Bakery, a creator of human-like soft-baked dog cookies made with dried apples, rolled oats and other wholesome ingredients. Last year, among others, publicly traded Post Holdings acquired Perfection Pet Foods for $235 million; A&M Capital Partners-backed BrightPet Nutrition Group bought Raw Advantage Processing, a maker of raw pet food and treats; and private equitybacked Antelope snagged My Perfect Pet, a "gently cooked" dog and cat food brand. In February 2023, Beach Point Capital Management, took a controlling stake in Wet Noses, a Seattie-area maker of human-grade dog treats and food.