Worldwise, Inc. has recapitalized with a $31.4 million unitranche credit facility provided by Monroe Capital, LLC.
The financing refinanced Worldwise’s outstanding senior debt, and will provide additional capital to support ongoing product development, channel and market expansion, as well as future acquisitions.
“Monroe understood the pet sector in general and the opportunity for Worldwise to grow substantially in the highly fragmented pet accessory segment in particular,” said Jeffrey Ginsberg, chairman of Worldwise and managing director of Mistral Equity Partners, the company’s private equity sponsor. “They came up with a very creative and flexible structure that will enable Worldwise to invest in innovation, organic growth, and an aggressive acquisition program.”
Worldwise merged with Quaker Pet Group in May 2015, bringing together two leading pet companies and combining their expertise and creative energy. The merger has enabled Worldwise, a manufacturer of pet bedding, cat scratchers, cat toys and other cat accessories, to participate in the dog toy and carrier markets.
Worldwise’s portfolio of brands now includes SmartyKat, TrustyPup, Petlinks, Hear Doggy!, Sherpa and goDog, and its products are distributed at over 30,000 doors across multiple retail channels throughout the world.