Publicly traded Central Garden & Pet has acquired TDBBS, a provider of natural pet chews and other pet treats, from Bregal Partners which acquired the business in January 2018 through its 2013 first fund.
TDBBS products include bully sticks, antlers, jerkies, and yak cheese chews. The company sells its products online – both direct-to-consumer and through third-party platforms – and through pet specialty retailers, and through select mass/club retailers. Company owned brand names include Best Bully Sticks, Barkworthies, and Paw Love. TDBBS – which stands for Top Dog Best Bully Sticks – was founded in 2007 as a digitally native brand and is headquartered in Richmond, Virginia.
“For over 15 years, TDBBS has been proud to offer the widest selection of high-quality natural dog treats and chews. We believe pets are family, and they deserve quality ingredients just like us. We are excited for this next chapter in our business as part of Central Garden & Pet,” said Tom Goundrey, the CEO of TDBBS. “Central’s resources, capabilities and expertise in the pet industry will be key to growing our business further.”
The addition of TDBBS will expand Central’s portfolio with bully and collagen sticks, bones and jerky, and add to its e-commerce and digital capabilities.
“We are excited to welcome the TDBBS team into the Central Garden & Pet organization,” said Beth Springer, the interim CEO of Central. “Our Central to Home strategy is focused on building further scale in our two industries and growing leading brands consumers love. Adding TDBBS’s established brands and digital capabilities solidifies our position in the large and growing dog treats and chews category and will strengthen our footprint with key customers.”
Central Garden & Pet (NASDAQ: CENT) produces and distributes products for the lawn and garden, and pet supplies markets in the United States. The pet segment provides dog treats and chews, toys, pet beds and grooming products, and supplies for aquatics, small animals, reptiles, and pet birds. The company’s lawn and garden segment provides grass, vegetable, flower and herb seeds; wild bird feed and feeders; and herbicides, insecticide, and pesticide products. Central Garden & Pet had revenues in 2022 of $3.3 billion and is headquartered near San Francisco in Walnut Creek, California.
Bregal Partners invests from $20 million to $150 million in companies that have from $5 million to $75 million of EBITDA and are active in the consumer, multi-unit restaurant, food and beverage, and business services sectors. The New York City-based firm was founded in 2012 and is part of Bregal Investments, a family of private equity and fund investment vehicles that has invested more than $12.5 billion since 2002.
Lazard was the financial advisor to TDBBS on this transaction.
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