Wind Point Adds to Pestell

Pestell Group, a portfolio company of Wind Point Partners, has acquired Targeted Pet Treats.

Targeted Pet Treats (TPT) is a co-manufacturer of dental treats and chews for pets. The company, co-owned by Rhonda Haverlack and Elliott Haverlack, was founded in 2000 and is headquartered in Warren, PA (www.targetedpettreats.com).

Pestell operates through two business units: Pestell Minerals and Ingredients (PMI), a distributor of animal feed minerals and ingredients for a variety of livestock; and Pestell Pet Products (PET), a full-line manufacturer of branded and private label cat litter and small animal bedding products. Both PMI and PET operate out of shared warehousing and manufacturing space near Toronto in New Hamburg, ON (www.pestell.com).

Wind Point acquired Pestell in partnership with consumer packaged goods executive Matt Miller in June 2018. Mr. Miller most recently, from March 2014 to December 2016, was the Senior Vice President and General Manager of Big Heart Pet Brands, a producer, distributor and marketer of branded pet products, and a division of the The J.M. Smucker Company. J.M. Smucker acquired the company in March 2015 from Vestar Capital Partners.

The acquisition of Targeted Pet Treats is complementary to Pestell’s PET business and provides Pestell entry into the growing dental treat market.

“On behalf of everyone at Pestell, I am thrilled to welcome the Targeted Pet Treats family into our organization,” said Mr. Miller. “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.”

“TPT is a perfect fit with Pestell and the acquisition helps us continue our strategic vision of building a diversified pet products platform,” said Paul Peterson, a managing director with Wind Point. “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 buy of TPT is Pestell’s second under Wind Point ownership. In October 2018, the company acquired BPV Environmental, a Byron Center, MI-based manufacturer of paper-based animal litter, small animal bedding, and lawn and garden products (www.bpvenvironmental.com).

Wind Point invests from $50 million to $100 million in companies with EBITDAs of at least $10 million. Industries of interest include business services, consumer products and industrial products. In June 2017, Wind Point held a final closing of its eighth fund, Wind Point Partners VIII LP, with $985 million of capital commitments. The fund exceeded its initial hard cap of $750 million and marks the largest fund closing in Wind Point’s history. The firm was founded in 1984 and is based in Chicago (www.wppartners.com).

Antares Capital, BMO Sponsor Finance and PennantPark led the debt financing for this transaction.

© 2018 Private Equity Professional | December 17, 2018

 

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