Press release: Caitec
Caitec Inc., a portfolio company of Fairchild Capital Partners, LLC, announced its acquisition of KitNipBox, the largest cat subscription box company globally. Founded in 2014 and headquartered in New York City, KitNipBox is a subscription service that sends a monthly box of cat toys, healthy treats and other fun products to consumers nationwide. In March 2021, CNN recognized KitNipBox as one of the best pet subscription boxes, and the Subscription Trade Association has honored it with their CUBE Award for the Best Pet Subscription Box in 2017, 2018 and 2020.
“We are excited to partner with the team at KitNipBox. This transaction allows Caitec to further expand our product offering in the pet sector beyond our current dog, bird, fish and small animal product offerings, and enter into the cat category in a meaningful way,” said Terry Gao, CEO of Caitec. “We have been very impressed with KitNipBox from our initial interactions. KitNipBox shares the same core values of offering high quality pet products. In addition, their team brings to Caitec complementary skills to enable us to expand our direct-to-consumer and digital marketing initiatives.”
“It’s hard to imagine a more complementary set of capabilities. We are excited to see what Caitec and KitNipBox can build together,” said Deena Bronz, co-founder of KitNipBox. “The partnership with Caitec made sense for so many reasons. We are excited to leverage the capabilities and resources of the combined entity to further grow KitNipBox and expand into new markets and channels,” stated Jordan Salvit, co-founder of KitNipBox.
Needham and Company acted as the exclusive financial advisor to KitNipBox for this transaction.
Founded in 1992, Caitec has been leading the way in pet product innovation by offering pet owners a wide range of high-quality, affordable pet products. Caitec’s tradition is creating Innovations in Pet Care for a Better Way of Life.
KitNipBox is the No. 1 subscription box for cats. The company sends a curated box of new cat toys, treats and other goodies to doorsteps nationwide each month. The Subscription Trade Association has honored the company with a CUBE Award for being the best Pet Subscription Box in 2017, 2018 and 2020. A portion of its proceeds are donated to animal welfare organizations across the country.
Capital Parnters, LLC Fairchild Capital Partners, LLC is a Buffalo, NY-based private equity firm focused on investing in companies that operate in the middle-market and lower middle-market. Fairchild seeks to partner with companies typically generating revenues between $5 million and $75 million led by strong, entrepreneurial management teams, providing capital for acquisitions, management buyouts, family transitions, estate planning, recapitalizations, corporate divestitures and growth and expansion.