Spectrum Brands Holdings, Inc. announced it has signed a definitive agreement to acquire privately owned PetMatrix, LLC, a leading and rapidly growing manufacturer and marketer of rawhide-free dog chews.
Financial terms of the accretive, all-cash transaction were not disclosed.
"PetMatrix will immediately strengthen our pet care portfolio with its well-established and growing brands catering to healthy alternative pet trends," Andreas Rouvé, Chief Executive Officer of Spectrum Brands Holdings, said in a release.
"We expect it to further solidify Spectrum Brands as a leader in the North American dog chews category and to provide compelling white space revenue opportunities in Europe, Latin America and Asia."
Spectrum Brands products include Nature's Miracle, FURminator, Littermaid, Dingo, Tetra and Marineland.
Founded in 2008, PetMatrix provides a broad portfolio of innovative, rawhide-free dog chews across its two flagship brands – DreamBone® and SmartBones®.
PetMatrix products are sold to mass merchandisers, food and drug stores, and pet specialty stores and the company is on pace to achieve approximately $75 million in sales in calendar year 2017.
"The PetMatrix team and I are excited to join Spectrum Brands," said Mark Stern, founder and CEO of PetMatrix. "This partnership will bring additional resources to our company and allow us to execute our plans for continued growth in the coming years."
The acquisition, which has been approved by Spectrum Brands' Board of Directors, is expected to close by the end of May 2017.
Previous acquisitions by Spectrum Brands include the European business of Iams and Eukanuba, as well as Proctor & Gamble’s European pet care business.
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