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Pet Industry M&A Update
January 2016
Pet Industry
M&A Update | January 2016
Pet Industry Update
 For 2015, strategic buyers accounted for 88% of Pet Industry M&A transactions. During 2014, strategic
buyers accounted for just over 84% of the transactions.

Notable recent M&A transactions:
o CVC Capital Partners Limited and Canada Pension Plan Investment Board signed a definitive
agreement to acquire PETCO Animal Supplies, Inc. for approximately $4.6 billion.
o Central Garden & Pet Company entered into an asset purchase agreement to acquire Dallas
Manufacturing Company, Inc. for approximately $61 million.
o Patterson Companies, Inc. acquired Animal Health International, Inc. for approximately $1.1 billion.
o Renovo Capital and Summit Investment Management entered into an asset purchase agreement to
acquire Dallas Manufacturing Company for approximately $37 million.
o Outward Hound, a Riverside portfolio Company, acquired Petstages, Inc. for an undisclosed amount.
o Outward Hound, a Riverside portfolio Company, acquired Bionic for an undisclosed amount.
1
Pet Industry
M&A Update | January 2016
Peakstone Commitment to the Pet Industry
Private Investor
Group
M&A Advisor
M&A Advisor
M&A Advisor
M&A Advisor
2
Pet Industry
M&A Update | January 2016
Large & Growing Industry
The pet industry has consistently grown through economic cycles; 3-5% growth forecasts in
future
•
•
•
Pet industry spending is expected to reach over $60 billion in 2015
65% of U.S. households own a pet
Forecasted annual growth of 3-5%
Total U.S. Pet Industry Expenditures ($, in billions)
Estimated 2015 Sales within the U.S. Market ($ in billions)
Source: Wall Street Research
3
Pet Industry
M&A Update | January 2016
Pet Industry M&A Activity
Pet Industry transaction activity has been strong with favorable valuation trends
U.S. Pet Transactions by Buyer Type
U.S. Pet Transaction EV / Revenue
25
2.5x
20
4
2.0x
2
4
15
3
2
1
10
1
1
5
9
11
11
17
14
11
1.5x
16
12
11
1.4x
1.0x
0.9x
1.0x
18
1.5x
1.5x
1.3x
1.1x
2
1
2
11
1.5x
1.5x
0.8x
0.3x
0.5x
NM
7
0.0x
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Strategic
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Financial
Source: Capital IQ
Note: Limited sample size
4
Pet Industry
M&A Update | January 2016
Overall U.S. Middle Market M&A Activity
Middle Market Deal Flow by Quarter
Source: Pitchbook
5
Pet Industry
M&A Update | January 2016
Overall U.S. EV/EBITDA Valuation Multiples
Median Transaction Multiples
14.0x
12.0x
10.9
10.2
10.0x
8.9
11.2x
11.0x
10.3x
10
9.1x
10
9.4
9.9x
10.4
9.6 9.7x
9.0x
7.6
8.0x
11.2x
10.8x
10.0x
9.1
11.5x
10.5
9.4
7.4x
6.0x
4.0x
2.0x
0.0x
2004
2005
2006
2007
2008
2009
Mid-Cap
2010
2011
2012
2013
2014
LTM
Overall Market
Median Multiples by Size of Transactions
14.0x
12.0x
10.0x
10.4
8.9
12.2x
11.6x
10.8
9.8x
10
10.3x
10.1x
9.5x
9.1x
7.9
8.0x
9.4x
9.4
10.2x
9.3
10.2x
10.8
9.2
9.2
9.8x
10.1
10.5x
7.3
6.0x
4.0x
2.0x
0.0x
2004
2005
2006
2007
2008
2009
$100M-$500M
2010
2011
2012
2013
2014
LTM
$500M-$1B
Source: Wall Street Research & Dealogic
6
Pet Industry
M&A Update | January 2016
Selected Pet Industry Transactions
Selected Pet Industry Transactions
Date
12/14/2015
Target/Issuer
Ja rden Corp. (NYSE:JAH)
Size ($ mm)
$15,400
Buyers/Investors
Newel l Rubberma i d Inc. (NYSE:NWL)
11/23/2015
PETCO Ani ma l Suppl i es , Inc.
$4,600
CVC Ca pi tal Pa rtners Li mi ted; Ca na da
Pens i on Pl a n Inves tment Boa rd
11/19/2015
Na tiona l Cons umer Outdoors Corpora tion
11/18/2015
10/15/2015
Souths i de Ani ma l Hos pi tal
Pets tages , Inc
-
Southern Veteri na ry Pa rtners , LLC
Outwa rd Hound
08/31/2015
The Choos y Pet LLC
-
ZGenders , LLC
08/17/2015
zul i l y, LLC
06/01/2015
Qua ba ug Corpora tion
05/04/2015
Ani ma l Hea l th Interna tiona l , Inc.
04/27/2015
Woods trea m Corpora tion
-
Ves tar Ca pi tal Pa rtners , Inc.
04/14/2015
Pet Superma rket, Inc.
-
Roa rk Ca pi tal Group
03/31/2015
PetSui tes of Ameri ca , LLC
-
Na tiona l Veteri na ry As s oci a tes , Inc.
03/27/2015
SkyMa l l , LLC
03/10/2015
02/05/2015
Ora brus h, Inc.
doggyl oot, Inc.
-
DenTek Ora l Ca re, Inc.
The Fa mi l yPet Network
01/29/2015
Sna ptra cs , Inc.
-
Whi s tle La bs , Inc.
$61
$2,476
$1,100
$2
Centra l Ga rden & Pet Compa ny
(Na s da qGS:CENT)
QVC, Inc.
Vi bra m USA Inc.
Pa tters on Compa ni es , Inc.
(Na s da qGS:PDCO)
C&A Ma rketing Inc.
Transaction Comments
Newel l Rubberma i d Inc. (NYSE:NWL) entered i nto a n a greement to a cqui re Ja rden Corp. (NYSE:JAH) from
The Va ngua rd Group, Inc., J.P. Morga n Inves tment Ma na gement Inc. a nd others for a pproxi ma tel y $15.4
bi l l i on on December 13, 2015. Ja rden s ha rehol ders wi l l recei ve, for ea ch Ja rden s ha re $21 i n ca s h a nd
0.862 s ha res of Newel l Rubberma i d s tock a t cl os i ng.
Funds of CVC Ca pi tal Pa rtners Li mi ted a nd Ca na da Pens i on Pl a n Inves tment Boa rd s i gned a defi ni tive
a greement to a cqui re PETCO Ani ma l Suppl i es , Inc. from TPG Ca pi tal , L.P., Leona rd Green & Pa rtners , L.P.,
Freema n Spogl i & Co. Incorpora ted, Ha rbourVes t Pa rtners , LLC a nd Stockwel l Ca pi tal LLC for $4.6 bi l l i on on
November 23, 2015.
Centra l Ga rden & Pet Compa ny (Na s da qGS:CENT) entered i nto a n a s s et purcha s e a greement to a cqui re
Da l l a s Ma nufa cturi ng Compa ny, Inc. from Ma l i bu Li ghting Corpora tion for $61 mi l l i on i n ca s h on
November 12, 2015.
Southern Veteri na ry Pa rtners , LLC a cqui red Souths i de Ani ma l Hos pi tal on November 18, 2015.
Outwa rd Hound a cqui red Pets tages , Inc on October 15, 2015. Cres cent Di rect Lendi ng a nd Ba bs on Ca pi tal
Ma na gement provi ded fi na nci ng for the tra ns a ction. Del oi tte a cted a s fi na nci a l a dvi s or a nd Jos eph
Ha tina of Jones Da y a cted a s l ega l a dvi s or to The Ri vers i de Compa ny. The Pea ks tone Group a nd Mea dow
La ne Ca pi tal LLC a cted a s fi na nci a l a dvi s or to Pets tages , Inc.
Ba l l eri na s And Brui s ers a greed to a cqui re The Choos y Pet, LLC from fa mi l y on Augus t 31, 2015. The pet
food wi l l be a va i l a bl e a t Ba l l eri na s a nd Brui s ers begi nni ng September 15, 2015. Choos y Pet wi l l rema i n
open through September 25, 2015 a nd wi l l hol d a retirement/movi ng s a l e.
QVC, Inc. entered i nto a defi ni tive a greement to a cqui re zul i l y, Inc. (Na s da qGS:ZU) from Tri ni ty X, LP, fund
of Tri ni ty Ventures , Meri Tech Ca pi tal Pa rtners , La ke Ta na LLc, Al i ba ba Group Hol di ng Li mi ted (NYSE:BABA),
Andrees s en Horowi tz LLC, Greens pri ng As s oci a tes , Inc. a nd other s ha rehol ders for $2.4 bi l l i on on Augus t
16, 2015.
Vi bra m USA Inc. a cqui red Qua ba ug Corpora tion on June 1, 2015. Vi bra m USA a nd Qua ba ug woul d do
bus i nes s a s Qua ba ug Vi bra m Innova tion (QVI).
Pa tters on Compa ni es , Inc. (Na s da qGS:PDCO) entered i nto a n a greement to a cqui re Ani ma l Hea l th
Interna tiona l , Inc. from Leona rd Green & Pa rtners , L.P., Green Equi ty Inves tors V, L.P. a nd others for $1.1
bi l l i on i n ca s h on Ma y 2, 2015.
Ves tar Ca pi tal Pa rtners , Inc. s i gned a defi ni tive a greement to a cqui re Woods trea m Corpora tion from
Brockwa y Mora n & Pa rtners , Inc. a nd CHS Ca pi tal on Apri l 27, 2015.
Roa rk Ca pi tal Pa rtners , L.P. fund of Roa rk Ca pi tal Group entered i nto a n a greement to a cqui re Pet
Superma rket, Inc. from Cha rl es E. Wes t Jr. on Apri l 14, 2015.
Na tiona l Veteri na ry As s oci a tes , Inc. a cqui red PetSui tes of Ameri ca , LLC from Ri ver Ci ties Fund III, L.P.
(SBIC) of Ri ver Ci ties Ca pi tal Funds a nd Fi rs t Avenue Pa rtners II, L.P. of Fi rs t Avenue Pa rtners a nd others i n
Ma rch
C&A
Ma2015.
rketing Inc. won a n a uction to a cqui re the a s s ets of SkyMa l l , LLC from Xhi bi t Corp. (OTCPK:XBTC.Q)
for $1.9 mi l l i on i n ca s h a nd notes on Ma rch 25, 2015.
DenTek Ora l Ca re, Inc. a cqui red a s s ets of Ora brus h, Inc. on Ma rch 10, 2015.
The Fa mi l ypet Network a cqui red doggyl oot, LLC i n Ja nua ry 2015. doggyl oot, LLC wi l l continue to opera te a s
a s epa ra te entity a nd wi l l be hea dqua rtered out of the ma i n offi ces of the Fa mi l yPet Network.
Whi s tle La bs , Inc. a cqui red Sna ptra cs , Inc from Ka rmel Ca pi tal a nd Qua l comm Technol ogi es , Inc. on
Ja nua ry 29, 2015.
Source: Capital IQ & Wall Street Research
7
Pet Industry
M&A Update | January 2016
Selected Pet Industry Transactions (continued)
Selected Pet Industry Transactions
Date
01/23/2015
Target/Issuer
RDB Inves tments , Inc.
01/13/2015
Bi oni c Pet Products Inc.
12/14/2014
PetSma rt, Inc.
11/27/2014
11/19/2014
Pugs , Inc.
Drs . Fos ter & Smi th, Inc.
-
BC Pa rtners ; GIC Speci a l Inves tments Pte.
Ltd.; Ca i s s e de dépôt et pl a cement du
Québec; Longvi ew As s et Ma na gement,
LLC; StepStone Group LP; BC Europea n
Ca pi ta l IX-1 L.P.
Pugs Hol di ngs , LLC
PETCO Ani ma l Suppl i es , Inc.
10/02/2014
Ol d Ti me Pottery Inc.
-
Comves t Pa rtners
09/23/2014
09/16/2014
Ul ti Med, Inc.
Pedi gree Perfecti on Interna ti ona l , Inc.
-
LDI Ltd., LLC
Ul tra Pa ws , LLC
09/03/2014
Bes t Fri ends Pet Ca re, Inc.
-
Bel voi r Inves tments Corpora ti on
08/19/2014
Pet360 Inc.
$160
PetSma rt, Inc.
07/02/2014
Vi ta cos t.com, Inc.
$281
The Kroger Co. (NYSE:KR)
05/22/2014
Sma rtPa k Equi ne, LLC
-
Oa k Hi l l Ca pi ta l Pa rtners ; Henry Schei n
Ani ma l Hea l th Hol di ngs Ltd
05/01/2014
04/28/2014
Ha rl a n La bora tori es , Inc.
Drea mTi me, Inc.
-
Li fe Sci ences Res ea rch Ltd.
Evri hol der Products , LLC
04/14/2014
Ul ti ma te Pet Products , Certa i n As s ets of
ULTIMATE Ca t Li tter And ULTIMATE Ki tty
Li tter
Pet Ca rous el Inc.
-
G Tha t's Awes ome Bra nds , Inc.
-
Ca rgi l l , Incorpora ted
02/10/2014
Size ($ mm)
-
Buyers/Investors
Pet Va l u, Inc.
-
Outwa rd Hound
$8,936
Transaction Comments
Pet Va l u, Inc. a cqui red Rdb Inves tments , Inc. i n December 2014. The a cqui s i ti on a l s o i ncl udes Ja ck's Pets
e-commerce di vi s i on, Pet Sol uti ons . Ja ck's Pets wi l l become the Mi dwes t di vi s i on of Pet Va l u, a nd Ja ck's
Pets pres i dent Scott Brenner ha s been na med vi ce pres i dent of Mi dwes t Opera ti ons for Pet Va l u a nd
Chri s Brenner, wi l l be s eni or di rector of e-commerce.
Outwa rd Hound a cqui red Bi oni c Pet Products on Ja nua ry 13, 2015. Steve Luhrs , Pres i dent of Bi oni c Pet
Products wi l l be worki ng wi th Outwa rd Hound. Ares Ca pi ta l provi ded fi na nci ng for the tra ns a cti on. Bra d
Curti s of The Pea ks tone Group a cted a s fi na nci a l a dvi s or.
BC Pa rtners , StepStone Group LP, Ca i s s e de dépôt et pl a cement du Québec, GIC Speci a l Inves tments Pte.
Ltd. a nd Longvi ew As s et Ma na gement, LLC s i gned a n a greement to a cqui re PetSma rt, Inc.
(Na s da qGS:PETM) from Longvi ew As s et Ma na gement, LLC, JANA Pa rtners LLC, Fi del i ty Ma na gement &
Res ea rch Compa ny, Ja mes A. Sta r, Pa ul a H. Crown a nd other s ha rehol ders for $8.4 bi l l i on i n ca s h on
December 14, 2014.
Pugs Hol di ngs , LLC a cqui red the a s s ets of Pugs Inc. on November 14, 2014.
PETCO Ani ma l Suppl i es , Inc. ha s entered i nto a n a greement to a cqui re Drs . Fos ter a nd Smi th, Inc. on
November 19, 2014. The ma na gement of the compa ny, i ncl udi ng foundi ng veteri na ri a ns Ra ce Fos ter a nd
Ma rty Smi th, a re expected to rema i n a fter the dea l cl os es . Drs . Fos ter & Smi th a l s o wi l l ma i nta i n i ts
corpora te hea dqua rters a nd di s tri buti on fa ci l i ty i n Rhi nel a nder.
ComVes t Inves tment Pa rtners IV, L.P., a fund of Comves t Pa rtners , a cqui red Ol d Ti me Pottery Inc. on
October 2, 2014.
LDI Ltd., LLC a cqui red Ul ti Med, Inc. on Augus t 29, 2014. The ma na gement tea m wi l l rema i n i n pl a ce.
Ul tra Pa ws , Inc., a cqui red Pedi gree Perfecti on Interna ti ona l , Inc. on September 16, 2014. Pedi gree
Perfecti on Interna ti ona l wa s a fa mi l y-owned bus i nes s .
Bel voi r Inves tments Corpora ti on a cqui red Bes t Fri ends Pet Ca re, Inc. from Webs ter Ca pi ta l a nd Chi ef
Executi ve Offi cer, Sha ne Kel l y on September 3, 2014.
PetSma rt, Inc. (Na s da qGS:PETM) s i gned a defi ni ti ve a greement to a cqui re Pet360, Inc. from Upda ta
Pa rtners , LLR Pa rtners Inc. a nd others for a pproxi ma tel y $160 mi l l i on on Augus t 19, 2014. PetSma rt wi l l pa y
$130.4 mi l l i on upfront a nd a ddi ti ona l $30 mi l l i on ba s ed on fi na nci a l performa nce by the end of 2016.
The Kroger Co. (NYSE:KR) entered i nto a defi ni ti ve merger a greement to a cqui re Vi ta cos t.com, Inc.
(Na s da qGS:VITC) for a pproxi ma tel y $270 mi l l i on i n ca s h on Jul y 1, 2014. Kroger wi l l purcha s e a l l
outs ta ndi ng s ha res of Vi ta cos t.com for $8.00 per s ha re i n ca s h.
Henry Schei n Ani ma l Hea l th Hol di ngs Ltd, Oa k Hi l l Ca pi ta l Pa rtners , a nd the ma na gement of Sma rtPa k
Equi ne, LLC a greed to a cqui re Sma rtPa k Equi ne, LLC from North Bri dge Growth Equi ty a nd Coa s ta l Ventures
II LLC, ma na ged by CEI Ventures , Inc., on Ma y 22, 2014. Henry Schei n Ani ma l Hea l th Hol di ngs Ltd wi l l
a cqui re 60% s ta ke. Sma rtPa k ha d s a l es of a pproxi ma tel y $105 mi l l i on i n 2013.
Li fe Sci ences Res ea rch Ltd. a cqui red Ha rl a n La bora tori es , Inc. on Ma y 1, 2014.
Evri hol der Products , LLC a cqui red the a s s ets of Drea mTi me, Inc. on Apri l 28, 2014. Judy Da y, the founder of
Drea mTi me wi l l joi n Evri hol der Products to overs ee new product devel opment i n the hea l th a nd wel l nes s
ca tegory.
G Tha t's Awes ome Bra nds , Inc. a cqui red certa i n a s s ets of ULTIMATE Ca t Li tter a nd ULTIMATE Ki tty Li tter
from Ul ti ma te Pet Products on Apri l 14, 2014. G Tha t's Awes ome Bra nds wi l l rei ntroduce a n i mproved
vers i on of the ULTIMATE l i tter products under a new bra nd na me, Al mos t Invi s i bl e Ca t Li tter.
Ca rgi l l , Incorpora ted a greed to a cqui re Pet Ca rous el Inc. on Februa ry 10, 2014. Pet Ca rous el wa s a fa mi l y
owned enti ty. Pet Ca rous el ha s a nnua l s a l es of $1.4 bi l l i on.
Source: Capital IQ & Wall Street Research
8
Pet Industry
M&A Update | January 2016
Selected Pet Industry Transactions (continued)
Selected Pet Industry Transactions
Date
01/07/2014
Target/Issuer
Al l i ed Preci s i on Indus tri es , Inc.
Size ($ mm)
-
12/11/2013
Zephyr's Ga rden, LLC
-
Uckel e Ani ma l Hea l th Di s tri buti ng Inc.
11/21/2013
Tra dema rk Gl oba l , Inc.
-
Bl ue Poi nt Ca pi ta l Pa rtners
11/19/2013
Ari s tocuts Groomi ng & Tra i ni ng, Inc.
-
Pa ws 4 Fun, LLC
11/06/2013
PetAg, Inc.
-
PBI-Gordon Corpora ti on
10/27/2013
MFM Indus tri es , Inc.
09/03/2013
Outwa rd Hound
07/09/2013
Oreck Corpora ti on
$17
Roya l Appl i a nce Mfg. Co. Inc.
05/21/2013
05/17/2013
Spongea bl es , LLC
SkyMa l l , LLC
$178
Evri hol der Products , LLC
Xhi bi t Corp.
05/14/2013
FO Hol di ngs , LLC
-
The LIDS Sports Group
04/29/2013
Bes t Fri ends Pet Ca re, Inc.
-
Webs ter Ca pi ta l
04/24/2013
04/12/2013
EcoMom, Inc.
Pa s s i ona te Pet, Inc.
-
eta i l z, Inc.
Fi rs ti n Wi rel es s Technol ogy, Inc.
02/05/2013
01/04/2013
12/31/2012
12/26/2012
Pup-Pee Sol uti ons USA LLC
Uni on Aqua ri um & Pet Suppl i es , Inc.
Cuddl edown, Inc.
Sure Fi t Inc.
-
Ra di o Sys tems Corpora ti on
Potpourri Group Inc.
Focus Products Group Interna ti ona l , LLC
12/20/2012
Ameri ca n Li ves tock Suppl y, Inc.
-
Probi oti cSma rt, LLC
12/18/2012
Wes tl a ke Ha rdwa re, Inc.
12/17/2012
JW Pet Compa ny Inc. a nd Ca ni ne
Ha rdwa re, Inc.
-
Dos koci l Ma nufa cturi ng Compa ny, Inc.
11/30/2012
Lucky Li tter LLC
-
Ra di o Sys tems Corpora ti on
$13
-
$88
Buyers/Investors
Mi l l er Ma nufa cturi ng Compa ny
Oi l -Dri Corp. of Ameri ca (NYSE:ODC)
The Ri vers i de Compa ny
Ace Ha rdwa re Corpora ti on
Transaction Comments
Mi l l er Ma nufa cturi ng Compa ny a cqui red Al l i ed Preci s i on Indus tri es , Inc. on Ja nua ry 7, 2014. Al l i ed’s
producti on, i nventory a nd s hi ppi ng opera ti ons woul d be rel oca ted to Mi l l er’s Gl encoe, Mi nnes ota ,
l oca ti on a nd to a s i s ter compa ny, Pl a s tech Corp.'s fa ci l i ti es i n Mi nnes ota .
Uckel e Hea l th & Nutri ti on, Inc. a cqui red Zephyr's Ga rden, LLC on December 11, 2013. Under the terms of
the a greement, Zephyr’s Ga rden wi l l now be i denti fi ed a s a n Uckel e Hea l th & Nutri ti on, Inc. compa ny
a nd the Zephyr’s Ga rden product bra ndi ng a nd formul a s wi l l rema i n uncha nged.
Bl ue Poi nt Ca pi ta l Pa rtners II, L.P. ma na ged by Bl ue Poi nt Ca pi ta l Pa rtners a cqui red Tra dema rk Gl oba l ,
Inc. i n a reca pi ta l i za ti on tra ns a cti on on November 21, 2013.
Ruff Hous i ng, LLC a cqui red Ari s tocuts Groomi ng & Tra i ni ng, Inc. from Yol a nda Morri s on November 19,
2013. Ari s tocuts wi l l rema i n a t i ts l oca ti on.
PBI/Gordon Corpora ti on a cqui red PetAg, Inc. on November 6, 2013. PetAg wi l l be i ntegra ted under BIGordon Corpora ti on’s Cons umer Ani ma l Products bus i nes s uni t whi ch i s l ed by Ri ck Bl omqui s t.
Oi l -Dri Corpora ti on of Ameri ca (NYSE:ODC) a greed to a cqui re s ubs ta nti a l l y a l l a s s ets of MFM Indus tri es ,
Inc. for $12.5 mi l l i on on October 25, 2013.
The Ri vers i de Compa ny a cqui red The Kyjen Compa ny on September 3, 2013. The a cqui s i ti on i s a
reca pi ta l i za ti on tra ns a cti on.
Roya l Appl i a nce Mfg. Co won the bi d of Oreck Corpora ti on for $17.25 mi l l i on on Jul y 8, 2013. Roya l wi l l pa y
$17.25 mi l l i on i n ca s h a nd wi l l a s s ume va ri ous debts a nd other l i a bi l i ti es of Oreck.
Evri hol der Products , LLC a cqui red the a s s ets of Spongea bl es , LLC on Ma y 21, 2013.
Xhi bi t Corp. (OTCBB:XBTC) a cqui red SkyMa l l , Inc. from Na ja fi Compa ni es a nd Books pa n, Inc. for
a pproxi ma tel y $180 mi l l i on i n s tock on Ma y 16, 2013.
The LIDS Sports Group rea ched a n a greement to a cqui re Fa n Outfi tters from i Vi s i ona ry Fund, members of
Da wa ha re fa mi l y a nd Ti m Couch on Ma y 14, 2013.
Webs ter Ca pi ta l a cqui red ma jori ty s ta ke of Bes t Fri ends Pet Ca re, Inc. from Brynwood Pa rtners IV, L.P., a
fund of Brynwood Pa rtners on Apri l 29, 2013.
Green Cupboa rds , Inc. a cqui red EcoMom, Inc. from a group of i nves tors i n Ma rch, 2013.
Fi rs ti n Wi rel es s Technol ogy, Inc. entered i nto s ha re excha nge a greement to a cqui re Pa s s i ona te Pet, Inc.
i n a revers e merger tra ns a cti on on Ja nua ry 23, 2013. Under the s ha re excha nge a greement, Pa s s i ona te
Pet, Inc. wi l l i s s ue 57.5 mi l l i on common s ha res i n excha nge of 100% outs ta ndi ng s ha res of Fi rs ti n
Wi rel es s Technol ogy.
Ra di o Sys tems Corpora ti on a cqui red Pup-Pee Sol uti ons from Tobi Skovron on Februa ry 1, 2013.
Da vi d DeLugo a cqui red Uni on Aqua ri um & Pet Servi ces from Pa ul Sa rtori s on Ja nua ry 4, 2013.
Potpourri Group Inc. a cqui red Cuddl edown, Inc. on December 31, 2012.
Focus Products Group Interna ti ona l , LLC a cqui red Sure Fi t Inc. from Gua rdi a n Ca pi ta l Pa rtners ,
ma na gement of Sure Fi t Inc. a nd other s ha rehol ders on December 21, 2012.
Probi oti cSma rt, LLC a cqui red Ameri ca n Li ves tock Suppl y, Inc. from Ani ma l Hea l th Interna ti ona l , Inc. i n Jul y
2012. Probi oti cSma rt, LLC a cqui red the ca ta l og bus i nes of Ameri ca n Li ves tock Suppl y, Inc.
Ace Ha rdwa re Corpora ti on a cqui red Wes tl a ke Ha rdwa re, Inc. from Gol dner Ha wn Johns on & Morri s on Inc.
for $88 mi l l i on on December 17, 2012. Wes tl a ke Ha rdwa re reported revenues of $240 mi l l i on i n 2011.
Dos koci l Ma nufa cturi ng Compa ny, Inc. a cqui red JW Pet Compa ny Inc. a nd Ca ni ne Ha rdwa re, Inc. on
December 17, 2012. Pos t a cqui s i ti on Jon Wi l l i nger, founder of JW Pet Compa ny Inc., wi l l be a ppoi nted a s
Vi ce Pres i dent of Dos koci l Ma nufa cturi ng Compa ny, Inc. for toys a nd a cces s ori es di vi s i on.
Ra di o Sys tems Corpora ti on a cqui red Lucky Li tter LLC from Cornertone Angel s on November 30, 2012.
Source: Capital IQ & Wall Street Research
9
Pet Industry
M&A Update | January 2016
Selected Pet Industry Transactions (continued)
Selected Pet Industry Transactions
Date
10/01/2012
Target/Issuer
Mt. Pul a s ki Products , LLC
Size ($ mm)
$7
09/13/2012
Sergea nts Pet Ca re Products , Inc.
06/21/2012
06/21/2012
06/06/2012
PetStyl e LLC
Centra l Ba rk Doggy Da y Ca re
Fetch Enterpri s es , Inc.
-
Pet360 Inc.
Vi l l a La PAWS LLC
Potpourri Group Inc.
05/08/2012
Cl a s s i c Bra nds Toppers cot
-
Toppers cot, LLC
05/07/2012
Ba rneys New York, Inc.
04/18/2012
$285
Buyers/Investors
The Anders ons , Inc. (Na s da qGS:ANDE)
Perri go Compa ny Publ i c Li mi ted Compa ny
(NYSE:PRGO)
$540
Perry Corp; The Yuca i pa Compa ni es , LLC
Gi l t Groupe Inc.
$1
04/16/2012
04/13/2012
Pet Appea l , Inc.
Gi l t Groupe Inc.
$1
02/22/2012
Mi kes Feed Fa rm Whol es a l e Di s tri bution
Co.
-
Fi rs tha nd Ca pi tal Ma na gement, Inc.;
Fi rs tha nd Technol ogy Va l ue Fund, Inc.
(Na s da qGS:SVVC)
Merri ck Pet Ca re, Inc.
Fi rs tha nd Ca pi tal Ma na gement, Inc.;
Fi rs tha nd Technol ogy Va l ue Fund, Inc.
(Na s da qGS:SVVC)
Phi l l i ps Feed Servi ce, Inc.
01/09/2012
Fra nchi s ee Cons i s ting of Twel ve Stores i n
Northea s t Penns yl va ni a
-
Pet Suppl i es Pl us /U.S.A., Inc.
Transaction Comments
The Anders ons , Inc. (Na s da qGS:ANDE) s i gned a defi ni tive a greement to a cqui re s ubs tantia l l y a l l of the
a s s ets of Mt. Pul a s ki Products , LLC for $7 mi l l i on on October 1, 2012.
Perri go Co. (Na s da qGS:PRGO) s i gned a defi ni tive a greement to a cqui re the a s s ets of Sergea nt's Pet Ca re
Products , Inc. from Sowel l & Compa ny a nd others for a pproxi ma tel y $290 mi l l i on i n ca s h on September 13,
2012.
Pet Food Di rect, Inc. a cqui red PetStyl e LLC on June 21, 2012.
Vi l l a La Pa ws LLC a cqui red Ba rk! Doggy Da yca re on June 21, 2012.
Potpourri Group Inc. a cqui red FetchDog from Gl enn Cl os e a nd her hus ba nd, Da vi d Sha w, Borea l i s
Ventures , Ha rbor Li ght Ca pi tal Pa rtners , LLC a nd Bl a ck Poi nt Group on June 6, 2012.
Toppers cot, LLC a cqui red Cl a s s i c Bra nds LLC on Ma y 8, 2012. Cl a s s i c Bra nds i s now ca l l ed Cl a s s i c Bra nds
Toppers cot.
Perry Ca pi tal , LLC a nd The Yuca i pa Compa ni es , LLC a cqui red ma jori ty s take i n Ba rneys New York, Inc. for
$540 mi l l i on on Ma y 7, 2012.
Fi rs tha nd Technol ogy Va l ue Fund, Inc. (Mutua l Fund:TVFQ.X) of Fi rs tha nd Ca pi tal Ma na gement, Inc. a greed
to a cqui re a n a ddi tiona l unknown s take i n Gi l t Groupe, Inc. for $0.9 mi l l i on on Apri l 18, 2012. Fi rs tha nd
Technol ogy Va l ue Fund a cqui red 34,714 s ha res of Gi l t Groupe.
Merri ck Pet Ca re, Inc. s i gned a n a greement to a cqui re Pet Appea l , Inc. on Apri l 16, 2012.
Fi rs tha nd Technol ogy Va l ue Fund, Inc. (Mutua l Fund:TVFQ.X), a fund of Fi rs tha nd Ca pi tal Ma na gement, Inc.
a cqui red a n unknown s take i n Gi l t Groupe, Inc. for $1.4 mi l l i on on Apri l 9, 2012. Fi rs tha nd Technol ogy
Va l ue Fund a cqui red 54,127 s ha res of Gi l t Groupe.
Phi l l i ps Feed Servi ce, Inc. a cqui red Mi ke’s Feed Fa rm Whol es a l e Di s tri bution Co. from fa mi l y on Februa ry
20, 2012. Pos t a cqui s i tion, Mi ke Gol ds mi th wi l l continue to opera te the Mi ke’s Feed Fa rm retai l s tore i n
Ri verda l e, New Jers ey.
Pet Suppl i es Pl us /USA Inc. a cqui red fra nchi s ee cons i s ting of twel ve s tores i n northea s t Penns yl va ni a
from Da ve McQueen a nd Andy Mona s on Ja nua ry 9, 2012.
Source: Capital IQ & Wall Street Research
10
Pet Industry
M&A Update | January 2016
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clients. Our team is comprised of senior investment banking professionals who have decades of experience and have executed
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