Global Pet Foods has purchased a majority shareholding in its parent company, Franchise Bancorp Inc. (FBI), a publicly traded corporation which owns the controlling interest in Global Pet Food Stores Inc. and Living Lighting Inc.
The company’s senior executive team will continue to function in their daily management, but with Dino Fragaglia replacing Jim Walker as president of Global Pet Food Stores Inc., Paul Thomson assuming the role of chief executive officer and Walker moving to chairman of the board.
Six years ago, the senior executive team came together as a partnership to purchase 50 percent of the holdings of the then chairman of the board of FBI, Ted Loyst. As part of the agreement reached at that time, Loyst agreed to sell his remaining holdings to Walker, Thomson and Fragaglia.
The executive team also intends to make a bid for the remainder of the FBI shares.