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.”
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.