Wafra Partners Purchases Phelps Industries
Phelps Industries, LLC, a manufacturer and marketer of pet treats and chews to major supermarkets and retail pet stores across the United States and internationally, was purchased by Wafra Partners LLC.
“Given our growth plans and the opportunities that lie in front of us, it was important for us to partner with a group that understood and appreciated our existing capabilities and team,” Vin Foley, president of Phelps, said. ”Additionally, this transaction will provide us with the professional and financial support to take Phelps to the next level.”
“We are pleased to have the opportunity to team up with founders and industry veterans Dick Phelps and Vin Foley and are excited about the prospects for Phelps in this growing and dynamic industry,” Ryan Wierck , a managing director at Wafra, said. “Phelps is the ideal platform on which to build a large, diversified manufacturer, importer and marketer of pet treats and chews and other products for household pets. We look forward to building on Phelps’ manufacturing and marketing capabilities and increasing efforts to sell current and new product and packaging offerings through existing as well as new channels of distribution. We are actively seeking to deploy capital to fund both internal growth opportunities and follow-on acquisitions.”
The details of the transaction were not released.