Stamford-based private equity firm Olympus sells pet products company for nearly $ 700 million


STAMFORD – Private equity firm Olympus Partners this week announced the sale of pet products supplier Petmate – for a price totaling about $ 280 million more than it paid for the company there is four years old.

Stamford-based Olympus sold Petmate for nearly $ 700 million, for a purchase price of $ 420 million in 2017, according to people familiar with the transaction. The buyer, private equity firm Platinum Equity, is headquartered in Beverly Hills, California, but also has offices in other locations, including Greenwich Office Park in Greenwich.

“We have sincerely appreciated our partnership with Alice Tillett (CEO of Petmate) and the management team to make the company a truly market-leading platform,” said Paul Rubin, Olympus partner, in a communicated. “The team has done an outstanding job adapting to market dynamics and driving growth with key customers. Petmate is well positioned for continued success.

Petmate, based in Arlington, Texas, markets and manufactures products including toys, kennels, crates, dog kennels, food and water supplies, food storage containers, cat litter, bedding, barns, treats and chews.

Over the course of the Olympus ownership, the company’s adjusted annual profits have grown from around $ 40 million to over $ 60 million, according to Olympus data.

Its sales growth reflects an expanding industry. Retail sales of pet products and services in the United States reached $ 107 billion in 2020, up 9% from 2019, “largely due to an increase in the population of pets due to COVID-19, ”according to a report from market research provider

“Olympus has been a fantastic partner over the past four years,” Tillett said in a statement. “They have supported both our growth strategy and the internal investment which has been crucial in achieving our success.”

Among other transactions over the past year, Olympus announced in January an investment in Laplace-C, a “specialist retrocession and reinsurance vehicle” managed by reinsurance company PartnerRe. A month earlier, she acquired ONsite Mammography, a provider of medical imaging services for women, including mammograms and ultrasounds. Last November, it agreed to sell Ennis-Flint, which specializes in road markings and road safety services.

Olympus’ portfolio includes 13 companies in industries such as consumer products, healthcare, financial services, industrial services and manufacturing.

The company manages more than $ 8.5 billion in funds, primarily on behalf of corporate pension funds, endowment funds, and state-sponsored retirement programs.

Founded in 1988, Olympus is based in offices in the Metro Center complex at 1 Station Place, across from the downtown Metro-North Railroad station.

[email protected]; twitter: @paulschott

Source link

Leave A Reply

Your email address will not be published.