In a market shaped by the humanisation of pets and growing consumer demand for natural, science-led products, Your Pet Nutrition (YPN) stood out as a category innovator. Offering a premium, all-in-one supplement formulated by Dr Michael Lazarus, veterinary expert, the brand has tapped into a powerful trend: pet owners treating their companions with the same health consciousness they apply to themselves.
With 40 active ingredients in a single product, YPN’s flagship supplement covers a wide range of functional health benefits, unlike most products in the space, which typically focus on one or two issues. The product’s convenience, quality, and credibility have driven impressive growth through a pure-play D2C model. Entirely online and sold exclusively through its own website, the business has built a loyal customer base without relying on marketplaces like Amazon.
From an investment perspective, it was clear that YPN had huge potential. The brand operates in a high-growth, resilient sub-sector of the pet market, and its strong foundations made it an attractive target for strategic acquirers. With rising consumer spend, a shift towards pet wellness, and opportunities for retail and international expansion, it was well positioned for the next stage of growth.
Hands-on support and sector insight
Although the transaction was structured as a corporate carve-out, the process was relatively straightforward. Our role centred on preparing for diligence, coordinating stakeholder input, and supporting the founder through negotiations and every step of the transaction.
As a D2C ecommerce business, the deal was data-heavy, with KPIs around customer acquisition, retention, and repeat purchasing being scrutinised in detail. The buyer, backed by private equity and planning their own exit within 12–18 months, approached the process with rigour and pace, requiring analytical insights and structured responses beyond what the business had previously developed.
Our deep experience across both the Digital Consumer and Pet verticals meant we were well positioned to fulfil the adviser brief, responding to buyside Q&A with credibility, challenging constructively, and ensuring value was maximised.
Unlocking value through strategic capital reallocation
Founded and incubated by Malaberg Ltd, YPN was part of a broader stable of brands developed and scaled by a visionary founder team. After three years of building the business, the founders made the decision to carve out and sell YPN; both to realise the value of their work and to reallocate capital into a new human nutrition venture launching in the US.
The brief was to maximise value, ensure deliverability, and complete the deal efficiently.
This was not a traditional auction process. An inbound approach from The Nutriment Company—a strategic buyer already operating in the pet space—was compelling enough to explore directly. Recognising the importance of navigating the upcoming diligence phase effectively, Malaberg engaged our team to advise and support execution.
Hands-on support and sector insight
Although the transaction was structured as a corporate carve-out, the process was relatively straightforward. Our role centred on preparing for diligence, coordinating stakeholder input, and supporting the founder through negotiations and every step of the transaction.
As a D2C ecommerce business, the deal was data-heavy, with KPIs around customer acquisition, retention, and repeat purchasing being scrutinised in detail. The buyer, backed by private equity and planning their own exit within 12–18 months, approached the process with rigour and pace, requiring analytical insights and structured responses beyond what the business had previously developed.
Our deep experience across both the Digital Consumer and Pet verticals meant we were well positioned to fulfil the adviser brief, responding to buyside Q&A with credibility, challenging constructively, and ensuring value was maximised.
"Whilst buyside diligence was typically robust, we were able to ensure the buyer remained commercially focused, thereby maintaining the pace and overall momentum of the transaction. Without the right support, data-heavy diligence can derail a deal, especially for high-growth, founder-led brands."
Charlie Graham, Director, Clearwater
A high-growth consumer category
This transaction reinforces our strong track record in the pet sector, following previous successful sales of Town & Country and Hollings to Assisi. We continue to see consistently high levels of M&A activity across the category, from trade consolidation plays to fundraising rounds for growth-stage consumer brands.
The momentum is being driven by the booming global pet care market, which shows no signs of slowing. Long-term trends such as the humanisation of pets and the deepening emotional bond between owners and animals are fuelling increased spend on health, wellbeing and premium products.
As consumers increasingly treat their pets like family, we expect demand in the category to remain resilient, even in uncertain economic conditions. Combined with the continued shift to digital channels and the strength of online D2C models, the pet sector remains one of the most dynamic and investable areas in the broader consumer landscape.
A natural fit for growth
The Nutriment Company, backed by Axcel, is Europe’s leading supplier of raw premium pet food. With a heritage in D2C and a strong track record of scaling digital-first brands, it represented an ideal acquirer for YPN. The deal adds a fast-growing supplement brand to TNC’s portfolio and strengthens its position in the UK market, while also creating opportunities for cross-selling, shared marketing expertise, and operational efficiency.
For YPN, the deal unlocks a whole host of new capabilities, distribution reach, and commercial firepower. As a carve-out, the business could be plugged directly into TNC’s existing infrastructure with minimal overhead and maximum upside.
“From both sides, this was a deal built on clarity and alignment. The buyer got conviction quickly, the founder exited cleanly, and the transition was managed pragmatically.”
Charlie Graham, Director, Clearwater
A high-growth consumer category
This transaction reinforces our strong track record in the pet sector, following previous successful sales of Town & Country and Hollings to Assisi. We continue to see consistently high levels of M&A activity across the category, from trade consolidation plays to fundraising rounds for growth-stage consumer brands.
The momentum is being driven by the booming global pet care market, which shows no signs of slowing. Long-term trends such as the humanisation of pets and the deepening emotional bond between owners and animals are fuelling increased spend on health, wellbeing and premium products.
As consumers increasingly treat their pets like family, we expect demand in the category to remain resilient, even in uncertain economic conditions. Combined with the continued shift to digital channels and the strength of online D2C models, the pet sector remains one of the most dynamic and investable areas in the broader consumer landscape.
What seems complex shouldn't scare you off
Corporate carve-outs can appear complex, especially when shared services are involved. In this case, transitional service agreements were required but handled with commercial pragmatism and flexibility on both sides. It’s a powerful reminder that complexity, when managed well, should never be a barrier to a successful outcome.
When is it right to accept an off-market offer?
Sometimes, running a market-wide auction is the right move. Other times, speed and alignment are what matter most. The key is knowing the difference, and having the right partner in your corner to help you make that call.
At Clearwater, we understand that no two businesses, or deals, are the same. That’s why we approach every transaction on a case-by-case basis, delivering tailored advice grounded in decades of M&A experience and sector insight.
What is a corporate carve out?
A corporate carve-out happens when a larger company sells part of its business—usually a brand, division or product line—to a new owner.
In this case, Your Pet Nutrition was one of several brands under the Malaberg umbrella. It was built as a standalone business, but still shared some services with its parent company, like finance or HR. When Malaberg decided to sell it, that meant separating the business from these shared functions.
Transitional service agreements (TSAs) are sometimes used to cover anything the business might need help with for a short period after the sale, making the handover seamless and stress-free.
Clearwater advisers
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