Posted: Feb. 13, 2013, 4:20 p.m. EST
FreeHand, which launched almost seven months ago with the mission of donating the same amount of dog food as it sells, has been sold to a group headed by philanthropist Ryan Kavanaugh and his wife, Britta Lazenga-Kavanaugh, the manufacturer reported today.
The new owners will continue the “buy one, give one” model, said Kavanaugh, FreeHand's chairman and senior adviser.
“Millions of dogs are needlessly killed each year because municipal shelters and rescues can’t afford to feed them, and FreeHand solves this,” said Kavanaugh, CEO of the entertainment company Relativity Media. “My wife, Britta, and I are proud to be a part of what we call an ‘ecosystem for good.’”
FreeHand co-owner Ryan Kavanaugh
Terms of the transaction were not disclosed.
Los Angeles-based FreeHand
was co-founded by Tom Bagamane
, who also founded Integrated Pet Solutions and is a former director at The Kong Co. Bagamane will stay on as managing director of FreeHand.
FreeHand manufactures four holistic, dry dog foods. With each bag sold, an equal amount of food is given to a local rescue organization or shelter.
The company has given more than 16,000 pounds, or 46,000 meals, to U.S. shelter dogs since the program's inception.
“We have tremendous momentum in building our brand in the first six months since our product launch," Bagamane said. "This is certain to increase with the acquisition of the company, with Ryan as one of the country’s most dynamic and successful businessmen along with Britta’s huge heart and passion for abandoned and abused animals.”
FreeHand is sold online and at stores and veterinary clinics in Southern California, Las Vegas, Indianapolis and Dallas-Fort Worth.
Consumers purchasing the food online may select from a list of pre-approved rescues and shelters
for the donation.
Industry Professional Site: Comments from non-industry professionals will be removed.