Buyout Firm 3i to Sell Cat Food Maker MPM to Partners Group

3i Group Plc has agreed to sell the maker of cat food brand Applaws to Partners Group for gross proceeds of £400 million ($543 million), adding to a string of pet-care deals by private equity firms.

Including proceeds the London-based investment firm has already received, the deal for MPM represents a 3.2x multiple of invested capital and a 29% internal rate of return, 3i said in a statement reviewed by Bloomberg News.

The deal values MPM, which also owns the Reveal and Encore brands, at about £500 million including debt, said people familiar with the matter who asked not to ...