Targeted Pet Treats, LLC heads in new direction
Targeted Pet Treats, LLC has a new owner.
The Warren-based company was acquired in a transaction completed last Thursday “by the Pestell Group, a portfolio company of Wind Point Partners, a Chicago-based private equity investment firm,” according to TPT’s President Gregory Austin.
“TPT, founded in 2000 and headquartered in Warren, Pa., is a leading co-manufacturer of dental treats and long-lasting chews for pets,” a release from Wind Point Partners details. “The acquisition is highly complementary to Pestell’s PET business, which manufacturers animal litter and small animal bedding products, as TPT provides entry for Pestell into the growing dental treat market.”
Financial terms were not disclosed in the release.
“Warren, Pa. will remain the home base of the TPT and we will build and grow from here,” Austin said. “In their exit, the Board graciously approved a ‘Thank You’ bonus to be taken from the proceeds and given to all employees. This was very generous and well received. I will remain on as President reporting to the CEO of the Pestell Group, Matt Miller.”
Austin said the company “currently employees 225 permanent employees and an additional 80 contract employees through employment agencies” and described the future as “very bright.”
“Jobs will remain the same in the short term, but we anticipate opening up more permanent positions and opportunities as the company continues to grow and expand in the pet food/treat market.”
So why did the deal come about?
“The majority of the TPT Board was made up of the Lang family of Ainsworth Pet Nutrition (formerly Dad’s Pet Care) and the cofounder, Rhonda Sisson Haverlack,” Austin said. “Both felt like the timing was right for retirement and to focus on other pursuits.”
“We are extremely grateful for the support everyone has provided us over the years in helping us build what Targeted Pet Treats is today,” Sisson Haverlack said in the release. “In Pestell, we believe we have found the perfect new owners who will accelerate the growth trajectory of TPT while being great stewards for our associates and community.”
Miller, the Pestell Group’s CEO, noted that Pestell is “thrilled to welcome the Targeted Pet Treats family into our organization. This combination expands Pestell’s product breadth into complementary products, allowing us to better serve our customers’ pet product needs. The TPT team, led by Greg Austin, has built a strong brand and culture which we are now excited to be a part of.”