Seller: Pro-Pet
Buyer: HIG Capital Management
Price: undisclosed
Terms: Leveraged Buyout
Renowned private equity firm HIG Capital acquired a majority interest in Pro-Pet for an undisclosed amount. Pro-Pet, a Land O’ Lakes company, manufactures private label pet foods for distribution domestically and around the world. HIG Capital pursued the acquisition becasue of Pro-Pet’s established position and growth potential in the industry.
Pro-Pet’s President and CEO, Mike Wright, says “We are very pleased with H.I.G.’s support of our business and will benefit from their commitment to support of our strategic initiatives. With H.I.G.’s backing and expertise, we will be well positioned to take advantage of growth opportunities and to better serve our customers in the private label pet food market.”
Peter Cornetta, a Managing Director at H.I.G. said “We are very excited to team with the senior management team of Pro-Pet in making this investment. The Company has demonstrated its leadership position as a high quality producer of private label pet food for almost 15 yeras. We look foward to assisting the management team in continued ownership stake in Pro-Pet’s product breadth and geographic reach while maintaining its superior service and product offering.”
Pro-Pet, LLC: Headquarters are in St. Mary’s, Ohio and has been a manufacturer of private label dry dog and cat food since 1996. Located in the heart of a farming community, the location allows the company to build relationships with farmers/local producers to ensure the highest quality and freshest ingredients go into their products.
H.I.G. Capital: With $8.5 billion of equity capital under management, they are the leading global private equity firm in the United States. H.I.G. specializes in providing capital to small and meduim-sized businesses and attract growth potential.