Vestar Capital Partners, a U.S. middle-market private equity firm, has agreed to make a majority investment in PetHonesty, a provider of pet health products, including specialty pet supplements. PetHonesty co-founders Ben and Camille Arneberg will retain a significant minority stake in the company, and Ben Arneberg will continue to serve as CEO.
“PetHonesty is a fast-growing company that has built a passionate following of pet-loving consumers, and we’re excited to partner with Ben and the entire team as the Company builds on its success,” said Winston Song, managing director and co-head of consumer at Vestar. “Pet parents have shown they are deeply committed to purchasing premium products, and PetHonesty is well positioned as the pet humanization trend and pet ownership continues to grow. We look forward to leveraging our consumer and pet category experience to help PetHonesty expand its brand and reach new customers.”
“Our vision was to create the most trusted pet health company that empowers pet owners to offer their pets healthier and higher quality lives, and our partnership with Vestar is the next step in that journey,” said Ben Arneberg. “We have been fortunate to find the right partner in Vestar, which remains committed to our business strategy and will help provide the financial backing, industry relationships and category expertise needed to build on our momentum.”
In conjunction with Vestar’s investment, Jeffrey Ansell, a Vestar senior advisor, will join the PetHonesty board as Chairman.
Kirkland & Ellis LLP served as legal counsel and William Blair acted as financial advisor to Vestar. Egan Nelson LLP served as legal counsel and Lincoln International acted as financial advisor to PetHonesty.