Harbinger Group has today released its most recent letter to the Board of Directors of Central Garden & Pet Company which outlines an acquisition of Central Garden & Pet for $10 in cash per share or alternatively to acquire Central Garden & Pet’s Pet Segment for $750 million in cash.
Central Garden & Pet Company produces and sells various products for the pet, and lawn and garden supplies markets in the United States. The company operates in two segments, Pet, and Lawn and Garden.
The Pet segment supplies products for dogs and cats comprising edible bones, edible and non-edible chews, dog and cat food and treats, toys, pet carriers, grooming supplies, and other accessories; and food, cages and habitats, toys, chews, and related accessories for birds, small animals, and specialty pets. It also offers animal and household health, and insect control products; aquariums, furniture and lighting fixtures, pumps, filters, water conditioners, food and supplements, and information and knowledge resources for fish, reptiles, and other aquarium-based pets; and products for horses and livestock. This segment sells its products to independent pet distributors, retail chains, grocery stores, mass merchants, and bookstores under various brand names, which include Adams, Aqueon, Avoderm, BioSpot, Farnam, Four Paws, Kaytee, Nylabone, Pinnacle, TFH, Zilla, Altosid, Comfort Zone, Coralife, Interpet, Kent Marine, Oceanic Systems, Pet Select, Pre-Strike, Super Pet, and Zodiac.
The Lawn and Garden segment provides grass seeds; wild bird feed, bird feeders, bird houses, and other birding accessories; weed, grass, ant and other herbicide, insecticide, and pesticide products; and decorative outdoor lifestyle and lighting products, such as comprising potteries, trellises and other wood products, and holiday lighting products. This segment sells its products to retail chains, independent garden distributors, grocery stores, nurseries, and garden supply retailers under the AMDRO, GKI/Bethlehem Lighting, Ironite, Pennington, Sevin, Grant’s, Lilly Miller, Matthews Four Seasons, New England Pottery, Norcal Pottery, Over-N-Out, Smart Seed, and The Rebels brand names.
Central Garden & Pet was founded in 1955 and is based east of San Francisco in Walnut Creek, CA (www.central.com).
Harbinger Group Inc. is a diversified holding company with operations in life insurance and annuity products; branded consumer products; asset-backed loans; and energy assets. HRG is principally focused on acquiring controlling and other equity stakes in businesses across a range of industries and growing its existing businesses. In addition to HRG’s intention to acquire controlling equity interests, HRG may also make investments in debt instruments and acquire minority equity interests in companies. HRG is headquartered in New York and traded on the New York Stock Exchange under the symbol HRG (www.harbingergroupinc.com).
2014 PEPD • Private Equity’s Leading News Magazine • 6-23-14