Bregal Partners chews on dog treats investment
Bregal Partners has made an investment in dog treats maker TDBBS. The target's management is keeping a stake in the business.
TDBBS, founded in 2007 and located in Richmond, Virginia, produces natural dog treats and chews, under the Best Bully Sticks, Barkworthies, and Paw Luxury brands. Bregal Partners says it was attracted to the sector because spending on pet products continues to rise since owners view dogs as members of their families. "As consumers increasingly demand higher quality, limited ingredient products for their pets, there is a notable opportunity to build greater awareness of the benefits of natural chews and drive new product innovation," says Bregal Partners managing partner Charles Yoon.
"The Bregal team has many years of experience in the pet industry, which will prove to be an invaluable asset to the company going forward. I have never been more excited about the growth prospects of the business," adds TDBBS founder Avrum Elmakisus. Former Campbell Soup Co. (NYSE: CPB), Kellogg Co. (NYSE: K) and Procter & Gamble Co. (NYSE: PG) executive Tim Hassett has been named TDBBS' CEO.
Bregal Partners is a New York-based middle market private equity firm that focuses on the consumer, healthcare and energy sectors, and invests up to $150 million in businesses. The firm is currently investing out of its $600 million fund.
Harris Williams advised advised TDBBS and Dechert represented Bregal Partners. BMO Sponsory Finance provided financing. Financial terms of the deal were not disclosed.