3i Group, the listed private equity group, has selected bankers to sell the pet food manufacturer behind leading brands including Applaws.
Sky News has learned that 3i has appointed Harris Williams to run the MPM auction four years after it bought a controlling stake in the company.
MPM, based in Manchester, was founded in 2002 and focuses on premium branded pet food products.
Its other brands include Encore and Reveal.
3i invested approximately £125 million in MPM in November 2020 alongside the company’s management team.
The sale, which will likely happen sometime in 2025, is likely to be among 3i’s largest exits for years.
The FTSE-100 investment group has come under increasing scrutiny in recent months, as its most valuable holding, the Netherlands-based discount retailer, occupies an increasingly dominant place in its portfolio.
3i shares have risen by two-thirds over the past year, and the company’s market capitalization now stands at more than £32bn.
Its high stock price has caught the attention of short sellers who believe the company is now overvalued.
3i and Harris Williams declined to comment.
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