Wind Point Partners’ portfolio company Petmate has acquired JW Pet Company and Canine Hardware. These two acquisitions represent Petmate’s fourth and fifth acquisitions. Petmate previously acquired Muchkin Inc’s Fat Cat and Bamboo product lines, Kennel-Aire and WetNoz Inc.
Wind Point acquired Petmate in 2011 in partnership with CEO Joe Messner. Wind Point previously partnered with Mr. Messner in 1999 to acquire Bushnell Performance Optics, which it successfully divested in 2007.
“The JW Pet Company and Canine Hardware acquisitions are an excellent fit for our strategy to grow Petmate organically and through acquisitions. The Petmate value creation plan is focused on growing through new product development and driving innovation; the toy category provides an attractive opportunity to innovate and build strong consumer brands. Joe has an excellent track record of driving growth in acquired businesses, and we are excited about the potential for these acquisitions,” said Paul Peterson, a principal at Wind Point.
JW Pet Company produces and markets pet toys and related accessories including balls, squeakers and other accessories for dogs, cats, birds, fish and small animals. The company was founded in 1998 by Jon Willinger and is based in Teterboro, NJ (www.jwpet.com).
“This is an exciting transition and I look forward to leading Petmate’s expanded pet toy and accessory category into the future,” said Mr. Willinger, who will be joining Petmate as the company’s vice president of toys and accessories.
Canine Hardware produces and markets a line of fetch pet toys including balls, launchers, and other pet accessories. The company was founded in 1998 and is based in Seattle (www.caninehardware.com).
Cascadia Capital, a mid-market investment bank based in Seattle (www.cascadiacapital.com), served as an advisor to Canine Hardware on the transaction.
Petmate manufactures and markets pet products including carriers, shelters, collars & leashes, feeding & watering systems, toys and pet beds under brands such as Petmate, Aspen Pet, Doskocil, Booda, Dogzilla, Fat Cat and LeBistro. The company is based in Arlington, TX (www.petmate.com).
“JW Pet Company and Canine Hardware bring some exciting names to our toys and accessories category, such as JW Hol-ee Roller Toys and Chuck It balls and launchers,” said Mr. Messner. “We are excited to bring these brands into our portfolio and continue expanding their lines of innovative, high-quality toys.”
Wind Point Partners invests from $20 million to $70 million of equity in companies with revenues from $100 million to $500 million and EBITDAs of at least $8 million. Industries of interest include business services, consumer products, healthcare and industrial products. The firm has approximately $2.8 billion in capital under management and has completed more than 90 investments and 160 add-on acquisitions across its seven private equity funds. Wind Point Partners is based in Chicago (www.wppartners.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 12-19-12
