Phillips Pet Food & Supplies, a pet food and supplies distributor, has completed a comprehensive refinancing, including more than $20 million of new investment capital from a group of existing investors.
Phillips also established an expanded revolving credit facility led by Wells Fargo Bank, NA. This facility provides a significant liquidity increase from the company’s previous revolving credit facility.
Both transactions closed on Nov. 13, and provide Phillips with an efficient financial structure to fund future growth with retail and brand partners, according to company officials.
In connection with the refinancing, the company also welcomed Blaine Phillips to the investor group, and appointed him as Chairman of the company.
“These transactions provide substantial financial capacity and materially reduce our debt, allowing us to invest aggressively in our future,” said Todd Shelton, president and CEO of Phillips Pet Food & Supplies, which has headquarters in Easton, Pa. “We are excited to have Blaine’s vision, passion and pet specialty experience helping guide our work to accelerate growth for retailers, brand partners and associates.”
In August, Phillips terminated a plan to merge with Animal Supply Co. Both companies cited the economic uncertainties caused by the COVID-19 pandemic made it difficult to close the merger.
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