December 17, 2018
Pestell Group Acquires Targeted Pet Treats
Acquisition expands Pestell's product breadth into the growing dental treat & chew market
Chicago, IL, December 17, 2018 – Wind Point Partners and portfolio
company Pestell Group (“Pestell” or the “Company”) are pleased to announce
today that Pestell has acquired Targeted Pet Treats (“TPT”) through its Pestell
Pet Products (“PET”) business unit, further establishing its capabilities as a diversified
pet platform. TPT, founded in 2000 and
headquartered in Warren, PA, is a leading co-manufacturer of dental treats and
long-lasting chews for pets.
The
acquisition is highly complementary to Pestell’s PET business, which
manufacturers animal litter and small animal bedding products, as TPT provides
entry for Pestell into the growing dental treat market. Additionally, both businesses plan to leverage
their customer relationships, manufacturing capabilities, and distribution networks
to enable cross-selling opportunities.
Matt Miller, Pestell Group CEO, commented, “On behalf of everyone at Pestell, I am thrilled to welcome the Targeted Pet Treats family into our organization. This combination expands Pestell’s product breadth into complementary products, allowing us to better serve our customers’ pet product needs. The TPT team, led by Greg Austin, has built a strong brand and culture which we are excited to now be a part of.”
“TPT is a perfect fit with Pestell and the acquisition helps us continue our strategic vision of building a diversified pet products platform. We believe TPT is poised for continued growth and look forward to partnering with the TPT team to further expand our presence in the treats space.”
Paul Peterson, Managing Director
Paul Peterson, Managing Director with Wind Point Partners, stated, “TPT is a perfect fit with Pestell and the acquisition helps us continue our strategic vision of building a diversified pet products platform. We believe TPT is poised for continued growth and look forward to partnering with the TPT team to further expand our presence in the treats space."
The
acquisition of TPT continues Wind Point’s long history of partnering and
working with family-held businesses and marks Pestell’s second acquisition as
the Company seeks to further expand its product offering and geographic
presence for its customer base.
Rhonda Haverlack, Co-Owner of TPT, expressed,
“We are extremely grateful for the support everyone has provided us over the
years in helping us build what Targeted Pet Treats is today. In Pestell, we believe we have found the
perfect new owners who will accelerate the growth trajectory of TPT while being
great stewards for our associates and community.” Elliott
Haverlack, Co-Owner of TPT, added, “We look forward to watching the continued success
of TPT under the guidance and direction of Matt Miller and the great team at Pestell.”
Wind
Point Partners acquired Pestell in June of 2018 in partnership with Matt Miller,
a more than 20-year veteran of the pet and consumer industries. In cooperation
with Matt and management of Pestell, Wind Point will seek to continue expanding
the Pestell platform through a combination of organic growth and complementary
acquisitions. The Wind Point investment team has considerable experience in
consumer products, including the pet industry, which has been an area of focus
for the firm since its founding in 1984.
Antares
Capital, BMO Sponsor Finance and PennantPark led the debt financing for the
transaction. Kirkland & Ellis LLP served as legal counsel to Pestell. Sheppard Mullin Richter & Hampton LLP served
as legal counsel to TPT.