Vestar Capital Partners to Make Majority Investment in PetHonesty, a Leader in Premium Pet Supplements
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NEW YORK, July 14, 2021 / PRNewswire / – Vestar Capital Partners, a leading US midsize private equity firm, announced today that it has agreed to acquire a controlling interest in PetHonesty (or “the Company”), a trusted leader for Premium healthcare products with high – quality, innovative pet food supplements. PetHonesty Co-Founder Ben and Camille Arneberg will retain a significant minority stake in the company and Mr. Arneberg will continue to serve as CEO. The terms of the transaction were not disclosed.
Founded in 2018, PetHonesty is a highly differentiated brand known for its strong focus on product innovation and world-class ingredients backed by nutritional science. PetHonesty’s products are formulated to help with a number of common pet diseases, including mobility, digestion and allergies, and are a healthy addition to traditional pet nutrition. Based in Austin, TX, with a second office in New York Citythe company sells its products directly to consumers through its website and through partners such as Amazon and Chewy.
“PetHonesty is a fast-growing company that has built a passionate following of pet-loving consumers, and we look forward to working with Ben and the entire team as the company builds on its success,” said Winston song, Managing Director and Co-Head of Consumer at Vestar. “Pet parents have shown they are deeply committed to purchasing premium products and PetHonesty is well positioned as the pet humanization trend and pet ownership trend continues to grow in new customers.”
“Our vision was to create the most trusted pet health company that would enable pet owners to offer their pets healthier, higher quality lives, and our partnership with Vestar is the next step on that path,” said Arneberg. “We have been fortunate to find the right partner in Vestar who will remain committed to our business strategy and who will help provide the financial support, industry relationships and industry expertise needed to build on our momentum.”
In connection with Vestar’s investment, Jeffrey Ansell, a Vestar Senior Advisor and over 35 year veteran in the consumer goods industry, will join the PetHonesty Board as Chairman. Early in his career, Mr. Ansell served as an executive at Procter & Gamble (“P&G”) for 25 years, the last seven of which as President of Iams after P&G $ 2.3 billion Acquisition in 1999. During his tenure as a leader in P&G Pet Care, sales of the iconic brands Iams and Eukanuba grew from under. more than doubled $ 800 million to survive $ 1.6 billion, and Iams became the # 1 pet food brand in the United States. Mr. Ansell is currently chairman or board member for several other Vestar portfolio companies.
Vestar has extensive experience in the pet food space and the broader Better-for-You (BFY) food industry. The company previously owned Big Heart Pet Brands, whose products include Meow Mix, Milk-Bone and Natural Balance. Vestar’s current BFY food investments include Dr. Praeger’s Sensible Foods, a maker of plant-based foods that are better for you; Simple Mills, an innovative, market-leading brand for better crackers, cookies and baking mixes in the natural and organic channel; and Presence Marketing, the leading national sales broker dedicated solely to the representation of natural and organic food, beverage and personal care brands.
Kirkland & Ellis LLP served as legal counsel and William Blair acted as financial advisor to Vestar. Egan Nelson LLP acted as legal advisor and Lincoln International acted as financial advisor to PetHonesty.
About PetHonesty
Based in Austin, TX Established in 2018 and founded in 2018, PetHonesty is a trusted leader in pet health, providing world-class pet nutritional supplements and products. The company’s pet products are formulated to help with a number of common pet diseases, including mobility, digestion and allergies, and are a healthy addition to traditional pet foods. PetHonesty products are available through the website as well as Amazon and Chewy. More information is available at www.pethonesty.com.
About Vestar Capital Partners
Vestar Capital Partners is a leading midsize private equity firm in the United States specializing in management buyouts and growth capital investments. Vestar invests and works with established management teams and private owners to create long-term business value, with a focus on Consumer, Business & Technology Services and Healthcare. Since its inception in 1988, Vestar funds have invested $ 8 billion in 85 companies – plus more than 200 additional acquisitions – totaling approximately $ 50 billion. More information about Vestar can be found at www.vestarcapital.com.
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