PetMatrix, a portfolio company of Friend Skoler & Co., has agreed to be acquired by publicly traded Spectrum Brands. Friend Skoler & Co. made a minority investment in PetMatrix in August 2012.
PetMatrix is a manufacturer and marketer of patented, non-rawhide pet chews for dogs sold under the Dreambone and Smartbones brands. Customers include mass merchandisers, food and drug stores, and pet specialty stores. The company has annual revenues of approximately $75 million. PetMatrix was founded by Mark Stern, Peter Wheeler and Martin Glinsky in 2008 and is headquartered in Saddle Brook, NJ (www.dreambone.com) (www.smartbones.com) (www.petmatrix.net).
“PetMatrix will immediately strengthen our pet care portfolio with its well-established and growing brands catering to healthy alternative pet trends,” said Andreas Rouvé, Chief Executive Officer of Spectrum Brands. “We expect it to further solidify Spectrum Brands as a leader in the North American dog chews category and to provide compelling white space revenue opportunities in Europe, Latin America and Asia.”
Spectrum Brands (NYSE: SPB) is a diversified consumer products company and a supplier of consumer batteries, residential locksets, residential builders’ hardware, plumbing, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn and garden and home pest control products, personal insect repellents, and auto care products. Spectrum Brands had revenues of approximately $5 billion in fiscal 2016 and is headquartered near Madison in Middleton, WI (www.spectrumbrands.com).
Friend Skoler & Co. invests from $3 million to $20 million in companies that have enterprise values between $10 million and $100 million. The firm was founded in 1998 by Alexander Friend and Steven Skoler and is headquartered in Saddle Brook, NJ (www.friendskoler.com).
RBC Capital Markets is the financial advisor to Spectrum Brands and J.P. Morgan is the financial advisor to PetMatrix.
This transaction is expected to close by the end of May.
© 2017 Private Equity Professional | May 16, 2017
