Beach Point Capital Management, through its Tactical Fund, has acquired a controlling stake in Wet Noses, a manufacturer of natural and organic pet food and treats.
Founded in 1988, Wet Noses serves private label and contract manufacturing partners. Over the last decade, the company has increased its capacity by including three baking lines at its Seattle facility and expanded its product line to include foods such as baked kibble. The investment will support Wet Noses’ manufacturing capacity expansion to serve the demand for pet foods and treats. The transaction follows its minority investment in the company in December 2019. As part of the transaction, Wet Noses founder Jasmine Galligan will return to the company as CEO, along with former COO Jeff Quinn.
“We are thrilled to support Wet Noses’ growth during an inflection point in the pet food industry, where consumers, retailers and brand partners are all exhibiting rapidly growing demand for the company’s products including human-grade baked pet treats,” says Robert Bergmann, portfolio manager at Beach Point.