Fredericks Michael & Co. (“FM&Co.”) acted as exclusive financial advisor to Pure Treats, Inc. (“PureBites”), a leading manufacturer of natural, freeze-dried dog and cat treats, food, and toppers marketed under the PureBites and PureSnacks brands, in connection with its acquisition of Primal Pet Foods (“Primal”). The transaction included Primal’s state-of-the-art manufacturing facilities in Abilene, Texas and Montrose, Colorado, and was completed through the purchase from Kinderhook Industries, LLC (“Kinderhook”), a New York-based private equity firm specializing in middle-market investments with over US$ 10 billion of committed capital under management.
“This is a transformational moment for PureBites, and we’re thrilled about the potential this brings to our brands, customers, and loyal pet parents” says Marc Cathcart, president of PureBites. “Primal was one of the first brands in the raw and freeze-dried categories and we are thrilled to be able to have them join the PureBites family and continue to bring the best food and treats to pet parents across the globe. Together, PureBites & Primal will establish our group as an unquestioned leader in the Raw / Freeze dried space.”
Primal was founded in 2001 by Matt Koss and Matt Hirtz who pioneered the core principle of bringing simple, pure ingredients that are minimally processed for peak nutrition to pets. Similarly, PureBites was founded in 2005 by Barry and Marc Cathcart under a very comparable vision. In 2020 Kinderhook Industries purchased Primal.
“The return of Primal to private ownership is very positive for the brand, consumers, customers and employees. The goals and authenticity of PureBites, their team, and their ownership offer Primal an opportunity to continue its mission started 25 years ago.” says Matt Koss, co-founder of Primal Pet Foods.
“Our goal with this acquisition is to bring Primal back to its roots of exceptional food for pets delivered on time, with excellence and available exclusively through local neighbourhood pet stores and our current loyal customers.” says Cathcart. “With two state of the art manufacturing kitchens in the great state of Texas, a co-packing facility in Montreal, Canada and a raw bones manufacturing facility in Montrose, Colorado, the New Pure Treats Primal Pet Group will have unparalleled capabilities to meet the needs of pet parents for raw, freeze dried, and minimally processed pet food, treats and toppers.”
Together, both brands will bring integrity, innovation and an unrelenting focus of peak nutrition for pets across the world through their leading assortments of food, treats and toppers.
Fredericks Michael & Co. initiated this transaction and acted as exclusive financial advisor to Pure Treats, serving as a catalyst in advancing discussions with the seller to move forward with the transaction. Fredericks Michael & Co. led negotiations with the sellers and their advisors, provided acquisition advice on transaction structuring, and managed the due diligence process, through to the successful closing of the transaction.
About Pure Treats
Founded in 2005 and based outside of Montreal, Quebec, Canada, Pure Treats is a leader in natural dog & cat treats, food, and toppers with their PureBites and PureSnacks brands. Focused on its core principle of asking Pet Parents to
look at their natural & pure ingredients, Pure Treats is building a loyal following of furry loved ones who are crazy about their nutrient rich treats, food, and toppers. Pure Treats products are available online and in-store at leading retailers throughout North America as well as thousands of neighborhood pet stores. For further information, visit www.purebites.com
About Primal Pet Foods
Primal Pet Foods was founded in 2001 with a mission to improve the overall health of pets by getting more raw and fresh foods into their bowls. A pioneer in the alternative pet food category, Primal has been supporting pets’ ancestral biological needs by crafting premium raw and freeze-dried pet foods using whole food ingredients for nearly 25 years. Primal is a market leader in raw and freeze-dried pet food in the neighborhood pet channel, and with the launch of its most recent innovation, Kibble in the Raw, Primal continues to set industry standards. Primal nourishes dogs and cats with minimally processed recipes that are crafted from real whole foods for optimal health and digestibility. For more information, visit www.primalpetfoods.com
