Clearlake Capital Group, L.P., together with certain of its affiliates “Clearlake,” has signed a definitive agreement to acquire The Wellness Pet Food Holdings Company, Inc. (doing business as WellPet) from affiliates of Berwind Corporation. Financial terms of the transaction were not disclosed.
For more than 100 years, WellPet has offered natural pet food for dogs and cats. Headquartered in Tewksbury, Mass., WellPet is a global supplier of premium pet food and treats with brands including Wellness, Old Mother Hubbard, Whimzees, Eagle Pack, Holistic Select and Sojos. WellPet is the largest independent North America-based pet food manufacturer, producing proprietary and exclusive formulations at its three state-of-the-art facilities in Indiana, Minnesota and the Netherlands, supported by a supply chain spanning more than 1.2 million distribution points across the globe, according to company officials. WellPet is led by CEO Camelle Kent-Rizkalla, who will be remaining with the company, and a team of 400-plus employees with deep experience in the pet food category.
“Today marks an important new chapter in WellPet’s history as we look to advance our mission of delivering nutritional excellence for the growing number of pet parents around the world,” said Kent-Rizkalla. “Clearlake’s operational insights and deep experience in the consumer sector will accelerate our momentum in premium pet food and treat products and support our unwavering commitment to nutritional innovation, product quality for our partner retailers and pet owners, and the wellbeing of the pets that depend on our products.”
José E. Feliciano, co-founder and managing partner at Clearlake added, “We are thrilled to partner with WellPet during such a pivotal time in the premium pet food and treats category. We believe the current market tailwinds, enduring increase in pet ownership, and pet humanization dynamics offer a unique opportunity to meaningfully invest behind [WellPet] and accelerate [its] near- and long-term growth objectives to serve pet parents in the best possible ways. We are eager to support the WellPet management team and bring together all of Clearlake’s available resources to drive value creation, accelerate organic growth, and create a consolidation platform for the category.”
WellPet was advised by Centerview Partners, and Clearlake was advised by Goldman Sachs & Co.