Pet food sector mergers and acquisitions appear to be gaining momentum in 2026, and the acquisition of cat food brand Made by Nacho by “I and love and you” adds another example to the growing list of recent deals.
“I and love and you,” a Boulder, Colorado-based natural pet food brand, announced March 17 that it has acquired Made by Nacho, the cat food company co-founded by chef and media personality Bobby Flay and consumer packaged goods entrepreneur Elly Truesdell. Flay will join the combined organization as chief culinary officer, investor and board member across its cat and dog business.
The transaction comes as industry analysts anticipate an uptick in deal activity following several slower years for mergers and acquisitions across pet food and pet care. Industry data showed 23 deals in 2025, down from 26 in 2024 and far below the 48 to 58 annual deals recorded during the peak years of 2020 through 2022, as Petfood Industry Editor-in-Chief Phillips-Donaldson, reported in her article, “Pet food acquisitions starting to heat up in 2026?” Analysts described the environment as “slow” but selectively active, with investors focusing on specific segments such as premium products, treats and cat food.
In early 2026, however, signs suggest activity may be increasing again. According to industry observers, February alone saw several developments across the global pet sector, supporting expectations that dealmaking could rebound after a multiyear slowdown.
Cat food growth in pet food business strategy
The acquisition of Made by Nacho represents a smaller deal compared with some recent large-scale transactions in the sector. For example, fresh dog food company Ollie was recently acquired by Spain-based Agrolimen in a deal reportedly valued at more than US$600 million.
While the financial terms of the “I and love and you” acquisition were not disclosed, the deal reflects a common strategy in the current market: focus on premiumization and high-growth niches such as cat nutrition.
Growth in cat ownership may be one factor supporting that strategy. According to American Pet Products Association data presented by “I and love and you,” cat-owning households grew 23% year over year as of June 2025.
“Our brands share core founding values around taste, quality, nutrition and clean ingredients,” said Michael Meyer, chief executive officer of “I and love and you,” said in a press release. “The variety across our product assortment is very complementary. With formats and functional benefits that span a wide range, our brand naturally resonates with multi-pet households. Now with Bobby Flay and Made by Nacho on board, we are even better positioned to appeal to the pet-obsessed shopper.”
Flay said the partnership will allow the companies to combine culinary development with broader product innovation across species.
“By teaming up with "I and love and you," I'll use my culinary skills to reimagine dogs' diets as well as expand our collective menu for felines,” said Bobby Flay, in a press release. “The "I and love and you" team brings the experience, scale and resources we seek.”
The combined brands will maintain separate identities but expand their reach through shared distribution and development resources. Together, their products are sold in more than 30,000 retail locations across the United States, including Sprouts Farmers Market, Walmart, Albertsons Companies, Publix and PetSmart, as well as online platforms such as Amazon, Chewy and Thrive Market.
Made by Nacho recently expanded its distribution with a nationwide rollout at more than 850 Walmart locations, including the launch of a freeze-dried minnow cat treat.
The combined organization will operate remotely with headquarters in Boulder. “I and love and you,” founded in 2010, produces more than 100 cat and dog food products and is owned by the consumer-focused investment firm L Catterton.
Although not a blockbuster, the transaction illustrates how smaller niche brand acquisitions may play an important role in the next phase of pet food consolidation.
