Borgman Capital Enters Pet Food Industry with Investment in Buck Bone Organics

Listen to this article

Private equity firm Borgman Capital recently announced the addition of Buck Bone Organics to its investment portfolio. Based in Bozeman, Montana, Buck Bone Organics offers a full line of 100 percent natural antler chews, treats and toys for dogs in a variety of sizes. Borgman Capital will partner with Buck Bone’s founders – Jackie, Mark and Shane Steigleman – on the company’s next phase of growth. Terms of the transaction were not disclosed.

Sequoya Borgman, founder and CEO of Borgman Capital, stated, “Buck Bone is a great addition to our portfolio of lower middle market companies – it’s founder-owned, has a strong track record of growth, and offers a unique product line catering to ecofriendly and health-conscious dog owners. The pet industry is experiencing strong tailwinds, and we are eager to partner with the Steiglemans and grow the Buck Bone brand.”

Founded in 2015, Buck Bone supplies four sizes of antler chews, as well as biscuits, dental sticks, jerky bites, yak chews, antler powder, and other toys made from the antlers that deer, elk and moose naturally shed every year. Buck Bone focuses on sourcing premium, U.S. Grade-A antler, which has spent the least amount of time exposed to the elements and is better preserved, higher quality and more nutritious for dogs. Products are hand-cut, manufactured, and packaged in Bozeman before distribution to a customer base that includes Amazon, Costco, Chewy and Hollywood Feed.

“Buck Bone has been a labor of love from the start. We founded the company out of our passion for dogs, commitment to their health, and care for the environment,” said Jackie Steigleman, CEO of Buck Bone Organics. “After nearly a decade of building our business from the ground up, having a respected private equity firm like Borgman Capital recognize our potential and partner with us is a huge moment in our journey as entrepreneurs.”

Buck Bone Organics is Borgman Capital’s eighteenth acquisition since the firm’s founding in 2017, and first investment in the pet industry.

Highland Bank provided senior financing and Reinhart Boerner van Deuren served as legal counsel for Borgman Capital. Accounting diligence and advisory services for the transaction were performed by Eisner Amper. Benjamin F. Edwards served as exclusive financial advisor to Buck Bone Organics.

Founded in 2017, Borgman Capital is a private equity firm focused on investing in successful lower middle market businesses that are poised for growth. The firm acquires companies with annual revenue between $10 and $100 million and EBITDA between $2 and $15 million.