Cosmic Pet, a portfolio company of Guardian Capital Partners, has acquired PetFusion, an online seller of dog and cat products including cat furniture, dog beds, litter solutions, and toys.
Pet Fusion is the fourth add-on investment for Cosmic Pet, further transforming Cosmic Pet into one of the largest pet hardgoods and accessories companies in North America. “The addition of PetFusion enhances the offering Cosmic Pet can provide to its valued end-customers and we are incredibly enthusiastic to have the PetFusion executive management team join Cosmic Pet’s extended management team.” said Peter Haabestad, co-founder and Managing Partner of Guardian and Chairman of Cosmic Pet. “This most recent add-on investment continues to demonstrate how much Guardian believes in Cosmic Pet as an outstanding platform company.”
Cosmic Pet was formed by Guardian through the acquisitions of certain assets from Rose America (DBA Hyper Pet) in January 2016. Wichita-based Hyper Pet is a branded and private label designer, manufacturer and marketer of dog toys, pet collars and leashes, and other pet products. In January 2019, Hyper Pet acquired R2P Pet, a Pleasanton, CA-based designer and marketer of branded toys, beds, apparel, leashes, collars, and accessories for pets; and in March 2019 it acquired OurPet’s, a Fairport Harbor, OH-based designer, producer and marketer of a line of accessory and consumable pet products.
Following the completion of the OurPet’s acquisition, Hyper Pet was renamed Cosmic Pet. The company has a large portfolio of brands including Hyper Pet, Pet Zone, OurPet’s, Aussie Naturals, Wild Eats, Ultra Paws, and Mad Cat. Cosmic Pet, led by CEO Tim Blurton, now has more than 160 employees and is headquartered in Wichita (www.cosmicpet.com).
“PetFusion is a very exciting addition to the Cosmic Pet family of leading pet brands,” said Mr. Blurton. “Its leadership team brings deep, valuable insight into the pet industry and the e-commerce channel that will benefit all Cosmic Pet brands.” The PetFusion executive team of Andrew Roost, Ted Elliott, and Kevin Krueger joined the Cosmic Pet executive team and will be responsible for the entire Cosmic Pet e-commerce channel strategy. Fanwood, NJ-based PetFusion was founded in 2010 and sells its products primarily through the e-commerce channel (www.pet-fusion.com).
Guardian Capital Partners makes control investments in lower middle-market private companies located primarily in the United States that have annual revenues between $20 million and $100 million and EBITDA between $3 million and $9 million. Sectors of interest include consumer products, niche manufacturing and specialty business services. The firm is headquartered in the Philadelphia suburb of Wayne, PA (www.Guardiancp.com).
Canadian Imperial Bank of Commerce (CIBC) provided the senior financing to support the acquisition of PetFusion.
DLA Piper was the legal advisor to Cosmic Pet and Guardian on the transaction.
© 2019 Private Equity Professional | July 17, 2019