GREENWICH, Conn., April 4, 2018 /PRNewswire/ -- L
Catterton, the largest and most global consumer-focused private
equity firm in the world, today announced that it has entered into
a definitive agreement to sell Ainsworth Pet Nutrition
("Ainsworth") to The J.M. Smucker Company ("Smucker") (NYSE: SJM)
for $1.9 billion. The transaction is
subject to customary closing conditions including receipt of
required regulatory approvals.
Since investing in Ainsworth in 2014, L Catterton has
partnered with the Lang family and management to drive significant
growth and value creation through a strategic plan focused on
marketing and operational enhancements. Together with L
Catterton, Ainsworth:
- Dramatically expanded its super and ultra premium pet food
offerings and positioned Nutrish®, its leading brand of all-natural
dog food and treats made with simple, wholesome ingredients, as an
industry leader
- Formed strategic partnerships with key retailers, expanding
Nutrish® distribution in the food, drug, and mass channel by over
3x and launching the brand in the pet specialty channel
- Launched innovative new products including Dish by Nutrish®,
Nutrish Peak™ and Nutrish® Treats
- Completed the acquisition of a key supplier, Triple T Foods, to
secure additional capacity
- Grew Nutrish® revenue more than sixfold; and
- Drove manufacturing cost reductions and operational efficiency
improvements to significantly enhance margins
"L Catterton's extensive operational and industry
expertise made them the ideal partner for Ainsworth to help
transform our business," said Jeff
Watters, President and CEO of Ainsworth. "With L
Catterton's support, we implemented a strategy to invest in the
premium Nutrish® brand through consumer advertising and trade
programs, while driving manufacturing efficiency across the
business, enabling us to achieve dramatic growth and success."
"When we partnered with the Lang family and Ainsworth in 2014,
we saw a great opportunity to help a strong brand reach its full
potential," said Scott Dahnke,
Global Co-CEO of L Catterton. "Working with the Lang family
and management, we were able to support the rapid growth of the
Nutrish® brand through targeted marketing and advertising programs
to create a market leader, while improving manufacturing and supply
chain operational efficiencies. We are pleased to have participated
in Ainsworth's tremendous success. Today's transaction represents a
terrific outcome for the business, which will thrive and grow
together with Smucker."
"We have been blessed with extremely talented, hardworking
people across our organization," said Sean
Lang, Executive Chairman of Ainsworth. "I am particularly
proud of how, with L Catterton's support, we were able to
reach new heights while maintaining the commitment to nutrition and
quality ingredients that has been at our core since my family
founded Ainsworth more than 75 years ago."
Ainsworth's industry recognition includes Nutrish® being named
the Fastest Growing U.S. Pet Food Brand in 2016 by Euromonitor
International Limited. Nutrish® was also the fastest-growing brand
across all consumer packaged goods categories in 2016, as tracked
by A.C. Nielsen.
L Catterton has significant experience investing in the
pet care and pet food space. Current and past investments include
Inspired Pet Nutrition, JustFoodForDogs, Lily's Kitchen, Nature's
Variety, PetVet Care Centers and Wellness Pet Food.
About Ainsworth Pet Nutrition
Founded in 1933, Ainsworth Pet Nutrition is a fifth generation,
primarily family-owned and operated company headquartered in
Western Pennsylvania and focused
entirely on pets. With a goal of changing the way consumers shop
for super premium pet food, Ainsworth's mantra is "Pet Store
Quality. Supermarket Easy." They achieve this promise by providing
consumers with the high-quality pet food where they currently shop
for the rest of their families. The company makes multiple brands
and types of dog and cat food, including the Rachael Ray™ Nutrish®
line, as well as super premium retailer-specific brands. Ainsworth
Pet Nutrition is committed to food safety and prepares all of its
dry pet food in the United States
using high-quality, natural ingredients with added vitamins and
minerals. To learn more, visit www.ainsworthpets.com.
About L Catterton
With approximately $15 billion of
equity capital across six fund strategies in 17 offices globally,
L Catterton is the largest and most global consumer-focused
private equity firm in the world. L Catterton's team of more
than 160 investment and operating professionals partners with
management teams around the world to implement strategic plans to
foster growth, leveraging deep category insight, operational
excellence, and a broad thought partnership network. Since 1989,
the firm has made over 200 investments in leading consumer brands.
L Catterton was formed through the partnership of Catterton,
LVMH and Groupe Arnault. For more information about L
Catterton, please visit lcatterton.com.
Contacts:
L Catterton
Andi Rose / Andrew Squire
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
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SOURCE L Catterton