For years, the go-to exit strategy for pet industry investors was simple: sell to another company, or hand the business off to a bigger private equity firm. In 2026, that playbook appears to be shifting, with a growing number of pet companies eyeing public stock listings instead.
Two pet-industry players have already gone public in recent months — one in Japan, one in Poland — while businesses backed by private equity firms in Canada and the UK are actively exploring IPOs of their own. The shift suggests something structural is changing in how pet industry investors think about cashing out.
Japan’s Inuneko-Seikatsu Leads the Way
On April 23, Japanese pet food manufacturer Inuneko-Seikatsu debuted on the Tokyo Stock Exchange’s Growth Market, a segment dedicated to startups and smaller companies. The Tokyo-based company, which produces food and supplements for dogs and cats while also operating an animal hospital and grooming salon, said the listing would give it room to expand its business further.
Before going public, Inuneko-Seikatsu was owned by the Maezawa Fund, backed by Yusuke Maezawa, founder of online retail marketplace Zozotown. The company’s growth trajectory made the timing look favourable: between April 2025 and April 2026, sales climbed 52 per cent to ¥4.4 billion ($28 million/€24 million).
Poland’s Farm Innovations Bets on Animal Tech
Around the same time, Polish technology firm Farm Innovations listed on NewConnect, a Polish Stock Exchange market built for young, growing companies. Company President Sebastian Przeniosło described the move as fulfilling “a promise made to investors who naturally expect liquidity for their assets,” while positioning the listing to help the company expand its animal identification and insurance technology into new international markets.
Over the past two years, Farm Innovations has focused on animal-monitoring solutions built around identification chips, thermochips, and supporting infrastructure like readers, alongside a data-driven animal insurance business. “We combine our competencies in animal data and health with the experience and regulatory expertise of specialised insurance entities in cattle, horses and the pet segments,” Przeniosło explained.
A Private Equity Cycle Reaching Its Natural End
Behind this shift lies a broader dynamic playing out across the pet investment world. Late in 2025, investment bank Cascadia Capital flagged at least eight companies acquired by private equity firms in the early 2020s that could soon be sold, as those investment cycles approach their typical seven-year maturity window.
One name on that list, pet food manufacturer Open Farm, is reportedly preparing for an IPO on the Toronto Stock Exchange this year, according to Reuters, with Goldman Sachs and RBC Capital Markets advising the deal. Open Farm received a $65 million minority investment from growth equity firm General Atlantic back in 2021, alongside existing backing from Encore Consumer Capital. Since then, the company earned B Corp certification in 2024 and made a string of executive hires this January, including a new Chief Digital Officer, VP of Marketing, and VP for Growth.
Other companies on Cascadia’s watch list include Brightpet, Native Pet, Carnivore Meat Company, Nulo, The Honest Kitchen, Compana Pet Brands, and Primal Pet Foods — though the latter has already changed hands, acquired by Canada’s Pure Treats in February 2026 rather than going public.
What a Successful Exit Actually Looks Like
Not every exit tells the same story about profitability. A useful data point comes from British pet food producer MPM Products, sold last year by 3i Group to Swiss private equity firm Partners Group. 3i had acquired MPM in 2020 and walked away with a 3.2x multiple on invested capital and a 29 percent internal rate of return — a strong result that illustrates just how lucrative a well-timed pet industry exit can still be.
The UK’s Bigger Bet: IVC Evidensia
Perhaps the most closely watched potential IPO candidate is IVC Evidensia, the veterinary care giant operating more than 2,500 clinics and hospitals across Europe and North America. The Financial Times reported earlier this year that the EQT-controlled company is in talks with advisers to study a multibillion-pound public listing, potentially in London or another exchange, targeted for 2027.
A company spokesperson told GlobalPETS only that “IVC Evidensia regularly considers options to fund its long-term growth.” Investment research firm Morningstar valued the company at more than €12 billion during a 2021 fundraising round, giving a sense of just how significant a future listing could be.
Why Falling Deal Prices Are Pushing Companies Toward IPOs
The underlying trigger for this shift is a noticeable drop in acquisition pricing. Analysis from investment bank R.L. Hulett found the median EV/EBITDA multiple for private equity deals in the pet sector fell from 16.8x in 2024 to 9.9x in 2025, while strategic deal multiples dropped from 13x to 8.1x over the same period.
“Many 2020 to 2022 vintage sponsors are facing a tough decision: exit into a softer multiple environment or extend hold periods via continuation vehicles, dividend recaps or add-ons,” R.L. Hulett analyst Dax Kugelman told GlobalPETS. Many are choosing to wait it out, which helps explain why private equity’s share of pet industry transactions fell from 61.3 per cent in 2024 to 51.8 per cent in 2025.
Kugelman added that not every company is equally affected. “Assets that scaled organically through the humanisation tailwind are still exit-ready; those that levered up at peak multiples and relied on multiple expansion are the ones getting held longer.” He also noted that the gap between premium and standard pet brands has narrowed, with buyers now underwriting deals more conservatively than they were 18 months ago.
What This Means for the Pet Industry’s Future
Taken together, these dynamics point toward a genuine possibility: with private acquisition prices down and private equity holding periods stretching longer, public listings may become an increasingly attractive path for pet companies — and their investors — looking to realise returns in 2026 and beyond.
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