Pestell Group, a portfolio company of Wind Point Partners, has acquired BPV Environmental. The acquisition of BPV is Pestell’s first add-on acquisition under Wind Point ownership.
BPV Environmental is a manufacturer of paper-based animal litter, small animal bedding, and lawn and garden products. The company was founded in 2001 and is headquartered near Grand Rapids in Byron Center, MI (www.bpvenvironmental.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 merging of BPV and Pestell, with the support of Wind Point, will create a solid foundation that will help accelerate our growth,” said Marty Phelan, Co-Owner of BPV. “Through this process, we’ve built strong relationships with the Pestell and Wind Point teams and are extremely confident they’ll be able to take BPV to the next phase of its growth.”
The buy of BPV expands Pestell’s product line to include paper-based cat and multi-cat litter, small animal litter, small animal bedding, mulch and lawn patches, and provides further expansion into the Midwestern US. “BPV provides significant strategic value for Pestell as it increases the company’s product breadth and further expands Pestell into the Midwestern United States,” said Paul Peterson, Managing Director with Wind Point Partners.
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 the transaction. Kirkland & Ellis provided legal services to Pestell.
© 2018 Private Equity Professional | October 3, 2018