US-based private-equity firm Topspin Consumer Partners has successfully acquired Three Dog Bakery, a well-known manufacturer of “humanised” dog treats.
The investor has made a purchase of the company’s consumer product division, which supplies products to both traditional brick-and-mortar retailers and online marketplaces.
The financial details of the deal were not publicly disclosed.
Three Dog Bakery, based in Kansas City, Missouri, specializes in a portfolio of dog treats that take inspiration from popular snack products. Their offerings include Birthday Celebration Cake, Quiche Bites, and Birthday Confetti Lick’n Crunch! cookies, which bear a striking resemblance to Oreos.
Three Dog Bakery operates its own chain of stores across the United States.
“We see enormous opportunity in the pet consumables sector, and are excited to partner with Three Dog Bakery, whose innovative products have generated an avid consumer following,” said Leigh Randall, managing partner at Topspin. “Three Dog Bakery’s management team has successfully scaled the company through its product launches, established customer relationships, and thoughtful distribution expansion, and we look forward to partnering with the team to enter new categories and provide even more pet owners with unique, high-quality treats for their dogs.”
The private equity firm based in Mamaroneck, New York, focuses on investing in rapidly expanding middle-market companies across various sectors, including personal care, beauty, food, and pet industries. Their target investments are U.S.-based enterprises with annual revenues below $100 million and EBITDA ranging between $3 million and $15 million.
Among its portfolio companies, the private equity firm has made investments in several notable ventures. These include Bear Down Brands, a health and wellness company, Polder, a supplier of housewares, and Sport Pet Designs, a manufacturer specializing in private-label pet products.
“Topspin has extensive experience building consumer brands and a strong network within the pet sector, making them the perfect partner as we enter our next phase of growth,” said Jerry Dear, the president of Three Dog Bakery. “Pet parents are becoming increasingly aware of the importance of providing their best furry friends with more wholesome options, and we are confident that our unique product offering, which directly taps into pet humanisation trends, is changing the way people think of dog treats.”
In another part of the United States, BrightPet Nutrition, headquartered in Ohio, recently completed the acquisition of Raw Advantage Processing. Raw Advantage Processing is a family-owned manufacturer specializing in frozen raw pet food.
In India, Drools Pet Food Private Limited, an Indian pet food company, received investment from L Catterton, a private equity firm headquartered in the United States. L Catterton acquired a minority stake in Drools Pet Food Private Limited.
The move marked L Catterton’s first foray into what it described as a “burgeoning” pet-food market in India.
In May, there were reports indicating that Alphia, a pet food manufacturer based in the United States, was actively exploring various possibilities for the future, including the potential sale of their business.
News agency Reuters, quoting unnamed “people familiar with the matter” said the private equity-owned white-label manufacturer is working with investment bank Goldman Sachs on a potential deal that could value the company at more than $1bn.
In March, US pet-food start-up Bundle x Joy had closed a $1m seed round, led by an accelerator in which pet-food giant Mars is a partner.
