Olympus Partners has purchased pet products seller Petmate Holdings Co. from Wind Point Partners. The buyer is betting on additional growth in the pet sector.
Petmate, located in Arlington, Texas, makes crates, carriers, outdoor shelters and toys. The target's brands include ChuckIT!, JW Pet and Jackson Galaxy that are sold online and through retailers. Wind Point bought Petmate in 2011.
"Petmate is a highly attractive platform in the pet industry that is well positioned to capitalize on the industry's growth through multiple sales channels," says Olympus partner Paul Rubin. Financial terms of the deal were not disclosed. Harris Williams & Co. and Reed Smith advised the sellers. Kirkland & Ellis represented Olympus.
Olympus is a middle market private equity firm that invests at least $50 million in businesses across the consumer, business services, healthcare, logistics and industrials sectors. Some of Olympus' investments include logistics provider Global Link and hospitality services company Centerplate.
Dealmers expect the wave of pet-related M&A to continue, as consumers favor pet products that reflect the same standards used for people. Mars Inc. agreed to buy animal hospital chain VCA; Tractor Supply Co. (Nasdaq: TSCO) purchased pet food maker Petsense LLC; In 2015, pet brands Worldwise and Quaker Pet Group merged to acquire more.