Spectrum Brands Holdings acquired PetMatrix, LLC, a transaction announced in April 2017, structured as All-cash acquisition (definitive agreement; expected to close by end of May 2017, subject to customary conditions).
PetMatrix, LLC operates in Global Pet Supplies (companion animal), is based in United States. Spectrum Brands signed a definitive agreement to acquire privately owned PetMatrix, a leading and fast-growing manufacturer and marketer of rawhide-free dog chews on pace for roughly $75 million in sales in calendar 2017. Founded in 2008, PetMatrix sells across flagship brands DreamBone and SmartBones through mass merchandisers, food and drug stores, and pet specialty stores, supported by a strong patent portfolio. The company was owned by founder and CEO Mark Stern, an affiliate of Friend Skoler & Co., and members of management.
Strengthened Spectrum's pet-care portfolio with established, growing brands aligned to healthy pet-food alternatives, solidified leadership in the North American dog-chews category, and opened white-space revenue opportunities in Europe, Latin America and Asia.
Advisory firms were not disclosed for this transaction.