Though Azalea Capital did not disclose the terms of the agreement, the company said it invests between $5 million to $15 million per deal in companies with revenues between $10 million and $100 million.
Based in Rockford, Ill., Jones Natural Chews is a family-owned, family-run manufacturer of all-natural dog treats and chews sold through pet, farm and hardware stores across the United States.
Michelle Higdon, who recently served as CEO of Solid Gold Pet, will now serve as executive chairman of the 85-employee company to advise on business development and growth strategy.
Higdon said Jones Natural Chews is expected to grow 40 percent this year, followed by 25 percent next year.
“It’s one of the largest, if not the largest, U.S.-sourced, U.S.-manufactured chew companies in the country. It’s so unique in the market,” Higdon said. “Where I come in with my strategy is to plan for the growth.”