Irving Place Capital Announces Sale of Pet Supplies Plus to Sentinel Capital Partners
December 13, 2018
NEW YORK – December 13, 2018 – Irving Place Capital (“IPC”), a middle-market private equity firm, announced today the sale of Pet Supplies Plus (“PSP”), the third largest pet specialty chain in the U.S. with 448 franchised and company operated stores across 33 states, to Sentinel Capital Partners.
Founded in 1988 and headquartered in Livonia, Michigan, PSP delivers the convenience, knowledge and customer service of a local neighborhood pet store while providing the selection and value of large national chains. The company offers a broad assortment of pet food and supplies, in addition to services such as washing and grooming. Since being acquired by IPC, PSP has opened more than 200 additional store locations and expanded its geographic footprint into 11 additional states.
“Irving Place Capital has been a key partner in transforming our business into one of the most successful players in pet specialty retail,” said Chris Rowland, CEO of Pet Supplies Plus. “The IPC team, which includes seasoned industry executives and operational resources, has worked closely with our team to accelerate growth and enhance profitability, while making significant investments in systems and supply chain. We are incredibly well positioned to capture the growth opportunities ahead.”
“We have enjoyed a close partnership with the management team at Pet Supplies Plus. During the course of our investment, the company has established itself as the retailer of choice for leading pet specialty brands, built a highly successful customer loyalty program, and continued to attract the strongest franchise partners as it rapidly expands its store footprint,” stated Devraj Roy, Partner at Irving Place Capital. “We wish the team continued success going forward.”
Financial terms of the transaction were not disclosed. Baird and Houlihan Lokey acted as financial advisors and Weil, Gotshal & Manges LLP served as legal counsel to PSP on the transaction.