MPM Products considers private equity to fuel growth
MACCLESFIELD pet food firm MPM Products has hired PwC to look at fundraising options, but management has ruled out selling the business.
MPM specialises in a premium range of dog and cat food for supermarkets such as Sainsbury’s and Tesco under the Applaws and Encore brands.
Turnover grew 56% to £17m in 2012 and the company has continued to see strong growth in the UK and overseas.
Managing director Julian Bambridge told TheBusinessDesk.com that the company needed more capital to support this expansion.
He said: “We’ve opened an office in Sydney and in the US and secured funding from HSBC to continue that growth but it’s not going to be enough so we recruited PWC to find additional funding schemes.”
He said reports the business was up for sale were not correct but admitted a private equity investment would be considered, or some kind of cashflow lending.
“Our growth is outpacing the ability to fund ourselves and we don’t want the growth to slow down,” added Mr Bambridge.
The business, which has 52 staff, lined up a £10m funding package with HSBC earlier in the year. MPM is owned by Roger Wood, Roger Coleman and Jon Kinsey.
