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The transaction creates an industry-leading platform that provides a strong product scale and breadth in the pet supplies category
Los Angeles, October 25, 2021/PRNewswire/ - Platinum Equity today announced the acquisition of Cosmic Pet, a leading designer, marketer and distributor of pet products, including toys, beds, collars and leashes, snacks, Feeders and bowls, and other accessories. Cosmic Pet will merge with Platinum Equity portfolio company Petmate. Financial terms have not been disclosed.
Cosmic Pet leverages its brand portfolio, including Hyper Pet, Pet Fusion, Our Pets, Pet Zone, Wild Eats and Pet Craft Supply Co, as well as a large and differentiated internal international sourcing business to meet the needs of brands and private labels and its blue chip customer base .
Petmate was acquired by Platinum Equity in September 2021. It produces, purchases and sells a diversified product line, including plastic and wire pet kennels, dog houses, toys, food storage, bedding, snacks and chews, and other related products. Pet-related products and accessories.
"Due to the increasing consumer demand for products that improve the quality of life of pets, the US pet industry continues to maintain steady growth. As the market grows, large national retailers are increasingly looking for partners with a diverse and comprehensive product portfolio. "Platinum Equity said Adam Cooper, managing director. "This merger will create a differentiated scale platform with strong brand equity, a unique and innovative product portfolio, diversified terminal channels, and brand and private label product expertise."
Petmate CEO Alice Tillet will lead the combined company.
"Petmate and Cosmic Pet are an ideal match, complementing each other's strengths, and are working together to meet the needs of enthusiastic pet owners across the country," said Ms. Tillette. "This is an exciting opportunity to bring together two first-class companies to promote the transformational steps of our business growth and evolution."
Cosmic Pet’s operations in Wichita, Kansas will continue to be an important part of the combined company’s network.
Platinum Equity expects to continue to use its M&A resources to help expand the platform.
"The addition of Cosmic Pet is an important first step, but the market is still highly fragmented and there are many additional opportunities to accelerate growth through acquisitions," Mr. Cooper added.
BMO Capital Markets acted as financial advisors for Platinum Equity's acquisition of Cosmic Pet, and Gibson, Dunn & Crutcher LLP and Alston & Bird acted as legal advisors.
About Platinum Equity Founded by Tom Gores in 1995, Platinum Equity is a global investment company that manages more than $25 billion in assets and has approximately 50 operating companies that provide services to customers around the world. The company is currently investing in Platinum Equity Capital Partners V, a global buyout fund worth US$10 billion, and Platinum Equity Small Cap Fund, a US$1.5 billion buyout fund that focuses on investment opportunities in the low-end market. Platinum Equity focuses on mergers, acquisitions and operations-a trademark strategy known as M&A&O®-to acquire and operate companies in a wide range of commercial markets, including manufacturing, distribution, transportation and logistics, equipment leasing, metal services, and media And entertainment, technology, telecommunications and other industries. In the past 25 years, Platinum Equity has completed more than 300 acquisitions.
About Petmate Petmate was founded in 1959 and was named Doskocil Manufacturing, Inc. at the time. It is headquartered in Arlington, Texas. Life. The company’s vision is to become a global leader in pet industry solutions and excellence, reflecting its commitment to provide award-winning innovative ideas for every product category every day, including bedding, kennel, kennel, feeding and watering Products, cat litter maintenance products, toys, collars, leads, travel, etc. Petmate's pet and family favorite brand portfolio includes Chuckit!®, Pet Qwerks®, Healthy Chews™, Gamma2®, JW® and La-Z-Boy®. For more information, please visit petmate.com.
About Cosmic Pet Founded in 1986 and headquartered in Wichita, Kansas, Cosmic Pet is a leading innovator in pet toys, chews and snacks. Cosmic is launched to the market with a high-profile brand and has won multiple industry awards in product development and design. In addition, the company also designs and sells high-quality pet hard goods and consumables under the following brands: Hyper Pet, OurPet's, Pet Zone, Pet Fusion, Aussie Naturals, Wild Eats, Pet Craft Supply Co, Ultra Paws, Mad Cat, Mega Mutt and other private brands.
Dan Whelan, Platinum Equity (310) 282-9202 [Email protection]
Maria Habermann, Petmate 973-470-0400 x.20 [Email protection]
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