May 17, 2017

Spectrum Brands Holdings, Inc., a global consumer product company, announced today it has signed a definitive agreement to acquire privately owned PetMatrix, LLC, a leading and rapidly growing manufacturer and marketer of rawhide-free dog chews. PetMatrix is on pace to achieve approximately $75 million in sales in calendar year 2017. Financial terms of the accretive, all-cash transaction were not disclosed.

“PetMatrix will immediately strengthen our pet care portfolio with its well-established and growing brands catering to healthy alternative pet trends,” said Andreas Rouvé, chief executive officer of Spectrum Brands Holdings. “We expect it to further solidify Spectrum Brands as a leader in the North American dog chews category and to provide compelling white space revenue opportunities in Europe, Latin America and Asia.”

Founded in 2008, PetMatrix provides a broad portfolio of innovative, rawhide-free dog chews across its two flagship brands DreamBone and SmartBones. PetMatrix products are sold to mass merchandisers, food and drug stores, and pet specialty stores. The business benefits from a strong patent portfolio and has a robust pipeline of new products expected to drive future growth and product portfolio diversification opportunities. PetMatrix is owned by Mark Stern, an affiliate of Friend Skoler & Co., and members of management.

“The PetMatrix team and I are excited to join Spectrum Brands,” Stern said. “This partnership will bring additional resources to our company and allow us to execute our plans for continued growth in the coming years.”

“Spectrum Brands has been very successful in finding highly complementary companies like PetMatrix that provide excellent top-line growth, a strong margin structure, low capital requirements, high cash flow and meaningful synergy opportunities,” said David Maura, executive chairman of Spectrum Brands Holdings. “We look forward to rapidly integrating and continuing to build on the excellence in innovation and fast sales growth that the PetMatrix family has built its legacy on.”

The acquisition, which has been approved by Spectrum Brands’ board of directors, is expected to close by the end of May 2017 and is subject to customary closing conditions.

RBC Capital Markets is serving as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor to Spectrum Brands. J.P. Morgan and Friend Skoler & Co. are serving as financial advisors and Goodwin Procter LLP is serving as legal advisor to PetMatrix.

Share This Story On:

Digital Guide

CBD Trends

This digital guide provides valuable information on the subject of CBD, including content on dosage and the importance of being fully transparent about the product’s origin

Dog & Cat Needs

With dogs and cats being members of the family, there's vital information to know in order to serve their pet parents.

Pet Nutrition

Discover how science, technology and pet owning lifestyles are changing the industry.

Enews Subscribe

Subscribe To Pet Age
Sign up for the weekly e-newsletter, print magazine and more. Sign Up