Azalea Capital has made an investment in Jones Natural Chews (JNC), a maker of all-natural dog treats and chews. The company’s products are 100% natural and 100% manufactured in the US, a distinction – according to the company – held exclusively by JNC.
Jones Natural Chews sells its products through pet, farm, hardware, and other retail stores nationally. Customers include, among others, Tractor Supply, Blain’s Farm and Fleet, and PetSmart. All manufacturing and packaging is completed in-house at the company’s facilities in Rockford, IL (www.jonesnaturalchews.net – Editor’s note, watch your volume).
JNC was founded in 1970 by Robert Jones but the family’s participation in the meat industry dates back to Stephen Jones, who was a meat cutter in Rome, NY (near Syracuse) in 1859. The existing management team of JNC will continue on with the company and Laura Jones, who has been with JNC since 1998, most recently as its finance officer, has been named the company’s new president.
Co-investing in the transaction with Azalea Capital was consumer products executive Michelle Higdon. Ms. Higdon has 17 years of experience in the management of branded consumer packaged goods. From 2013 to 2015 she was the CEO of Solid Gold Pet, a portfolio company of VMG Partners. Previously, Ms. Higdon was president and COO of Waggin’ Train – a maker of dog treats – which was acquired by Nestle Purina in 2010.
Azalea Capital invests in middle market companies that have minimum annual revenues of $10 million and EBITDAs of $2 million to $10 million. Industries of interest include manufacturing, business services, and value-added distribution with a special interest in aerospace, consumer packaged goods, healthcare and energy and industrial services. Azalea Capital was founded in 1996 and is headquartered in Greenville, SC (www.azaleacapital.com).
Azalea Capital made its investment in JNC through its fourth fund, Azalea Fund IV, LP.
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 5-25-16
