Platinum Equity has acquired Petmate, a maker of pet products sold through a wide range of retail partners.
Headquartered in Arlington, Texas, Petmate manufactures, sources and markets a diverse product line that includes plastic and wire pet kennels, dog houses, toys, food storage, bedding, treats and chews, and other pet-related products and accessories.
“Petmate has been a leading innovator in pet products for more than 60 years and has an outstanding portfolio of respected brands,” said Platinum Equity managing director Adam Cooper. “The U.S. pet market has grown steadily for the past 20 years and the secular trends driving it are expected to continue. The company’s vertically integrated manufacturing capabilities and domestic footprint help ensure an efficient and reliable supply chain, which is more important than ever in today’s environment.”
“We are so excited to join Platinum’s portfolio of industry leading companies,” said Alice Tillett, chief executive officer of Petmate. “The pet industry in general and Petmate specifically are extremely well positioned for success. With the support of Platinum Equity and a strong core team at Petmate, we are confident and energized to enter our next phase of growth.”
“Petmate is a strong platform of scale operating in a highly fragmented industry,” added Cooper. “With our financial, operational and M&A resources, we will support the company in its pursuit of further growth through additional acquisitions. There are significant near-term opportunities to broaden Petmate’s capabilities, diversify its product portfolio and blue-chip customer base, and accelerate its expansion in the fast growing e-commerce channel.”
BMO Capital Markets served as financial advisor to Platinum Equity on the acquisition of Petmate, and Gibson, Dunn & Crutcher LLP and Alston & Bird served as legal advisors.