The Carlyle Group Acquires Leading Pet Health and Nutrition Provider Manna Pro Products from Morgan Stanley Capital Partners
November 06 2020 - 7:00AM
Business Wire
The Carlyle Group today announced that it has acquired a
majority stake in Manna Pro Products (“Manna Pro”) from investment
funds managed by Morgan Stanley Capital Partners (“MSCP”).
Financial terms of the transaction were not disclosed.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20201106005051/en/
Manna Pro, a St. Louis-based manufacturer and marketer of
specialty pet care products, provides food, treats, and a wide
assortment of high-quality health and wellness products for
companion pets and hobby animals. With roots dating back to 1842,
Manna Pro has a long history of excellence in pet nutrition. Today,
Manna Pro has developed into an industry leader providing
nutritionally wholesome products for dogs, cats, backyard chickens
and other companion pets. A leader in the fields of pet health and
nutrition, the Company is well known for its innovative product
development and commitment to sustainable practices.
“We are grateful to have partnered with the extraordinary
management team at Manna Pro during a period of tremendous growth
as they advanced their position as a leading provider of pet health
and nutrition,” said Aaron Sack, Head of Morgan Stanley Capital
Partners. “During MSCP’s ownership, Manna Pro built on its long
history with strong organic growth and benefited from several
critical companion pet acquisitions, including Fruitables, Hero Pet
and most recently Doggie Dailies, that expanded Manna Pro’s online
presence and created opportunities to reshape the supply chain and
operations. We’re excited for Manna Pro to continue this positive
trajectory as they enter a new phase with the exceptional team at
Carlyle. ”
“We’re excited to partner again with John Howe and the talented
Manna Pro management team, as we have known many of the key
business leaders for more than six years,” said David Basto, a
Carlyle Managing Director. “Our prior partnership with Manna Pro
was a great success, and the business’ momentum has only continued.
Strong recent organic growth and the relative fragmentation in the
categories in which the Company plays give us a high degree of
confidence in the opportunities ahead for Manna Pro.”
“Strong execution and enduring category tailwinds are driving
exceptional growth for Manna Pro, and we believe there is
meaningful runway for continued expansion, both domestically and
internationally,” said Jay Sammons, Carlyle’s Head of Global
Consumer, Media & Retail. “With multiple avenues for future
value creation, including growing the core business and increasing
the scale of acquisitions, we look forward to supporting the
Company’s growth plans with our differentiated global capabilities
and resources.”
“We are pleased to be working again with the team at Carlyle as
we build on the substantial growth we’ve experienced in partnership
with MSCP,” said John Howe, CEO, Manna Pro. “Our business has
evolved significantly over the past three years with the expansion
of our high quality product offering, increased investment in brand
building, improved operations, and intense focus on growth and
sustainability. With increasing demand for products that help pet
parents care for and nurture their pets, we appreciate MSCP’s
support in achieving our leadership position and look forward to
working with Carlyle again as we continue our mission.”
The investment in Manna Pro is a continuation of Carlyle’s
long-term global commitment to Consumer, Media & Retail, in
which it has invested more than $21.5 billion of equity since
inception. Equity capital for the investment will come from Carlyle
Partners VII, an $18.5 billion fund that makes majority and
strategic minority investments primarily in the U.S. in targeted
industries, including Consumer, Media & Retail.
Debevoise & Plimpton LLP acted as legal advisor to MSCP.
Kirkland & Ellis acted as legal advisor to The Carlyle Group
and William Blair & Company acted as financial advisor to Manna
Pro, with co-advisory support from Lincoln International.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with
deep industry expertise that deploys private capital across four
business segments: Corporate Private Equity, Real Assets, Global
Credit and Investment Solutions. With $230 billion of assets under
management as of September 30, 2020, Carlyle’s purpose is to invest
wisely and create value on behalf of its investors, portfolio
companies and the communities in which we live and invest. Carlyle
employs more than 1,800 people in 30 offices across six continents.
Further information is available at www.carlyle.com. Follow Carlyle
on Twitter @OneCarlyle.
About Morgan Stanley Capital Partners
Morgan Stanley Capital Partners, the middle-market focused
private equity business of Morgan Stanley Investment Management,
has invested capital in a broad spectrum of industries for over two
decades. Morgan Stanley Capital Partners focuses on privately
negotiated equity and equity-related investments in North America
and seeks to create value in portfolio companies primarily through
operational improvement. For further information about Morgan
Stanley Capital Partners, please visit to
www.morganstanley.com/im/capitalpartners.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201106005051/en/
Morgan Stanley Media Relations: Lauren Bellmare; 212.761.5303;
Lauren.bellmare@morganstanley.com The Carlyle Group Media
Relations: Brittany Berliner; 212.813.4839;
brittany.berliner@carlyle.com
Carlyle (NASDAQ:CG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Carlyle (NASDAQ:CG)
Historical Stock Chart
From Jul 2023 to Jul 2024