Investment Firm to Acquire Radio Systems Corp.
Private investment firm Clayton Dubilier & Rice (CD&R) is set to acquire Radio Systems Corp., which designs and distributes more than 2,000 pet products under the brand names Invisible Fence, PetSafe, ScoopFree, SportDOG and Kurgo, among others. The announcement was made by CD&R in mid-May. Terms of the transaction were not disclosed.
As Radio Systems transition to new ownership, Randy Boyd, founder and chairman of Radio Systems, has agreed to serve on the board of directors. This will help maintain continuity and keep their strong ties to the Knoxville, Tenn., community, where Radio Systems is headquartered.
“With the backing of CD&R and the talented team at Radio Systems, I’m confident the company will continue to deliver the best solutions and services available to its customers,” Boyd said. “I’m excited for Radio System’s future growth and the success and benefits it will bring to our employees, pet owners and our local economy.”
Radio Systems currently has more than 800 employees worldwide that help the company reach consumers across the Americas, Europe and Asia. Product pet categories include pet containment, pet doors, pet training and pet waste management.
“Radio Systems is a differentiated market leader with a talented management team, dedicated, hard-working employees, a product portfolio that pet owners truly value, and a three-decade track record of product-driven innovation and strong overall results,” said CD&R operating partner John Compton. “We believe Radio Systems is a great fit with CD&R’s experience helping businesses prosper over the long term.”
Kenneth Giuriceo, CD&R partner, said that Radio Systems is an ideal match.
“We believe Radio Systems’ business model and channels align well with our experience with similarly positioned consumer companies,” Giuriceo said. “We look forward to supporting the company’s continued innovation and exciting growth plans.”
The Radio Systems board of directors, which ran a competitive process and entertained multiple offers to find the right partner, according to officials, unanimously approved the transaction.
Upon the closing, expected around June 2020, Compton, a Knoxville, resident, will become chairman of Radio System Corporation’s board of directors. Compton is the former president of PepsiCo and serves as chairman of three other CD&R portfolio companies: American Greetings Corp., Drive DeVilbiss Healthcare and TruGreen Corp. In addition, he serves on the board of directors of First Horizon National Corp.