Platinum Equity has acquired designer, marketer and distributor of pet products, Cosmic Pet. The new company will be combined with existing Platinum Equity portfolio company, Petmate.
The Cosmic Pet portfolio consists of a number of brands including Hyper Bet, Pet Fusion, Our Pets, Pet Zeon and Pet Craft Supply Co.
Platinum Equity is a global investment firm with more than $25 billion of assets under management.
“The U.S. pet industry continues to demonstrate steady growth fueled by increased consumer demand for products that improve the quality of life for pets,” said Adam Cooper, Platinum Equity managing director. “As the market grows, large national retailers are increasingly looking for partners with diverse and comprehensive product portfolios.”
BMO Capital Markets served as financial advisor to Platinum Equity on the acquisition of Cosmic Pet, and Gibson, Dunn & Crutcher LLP and Alston & Bird served as legal advisors.