Wednesday, May 22, 2024
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HomePet Industry NewsPet Financial NewsCashing in on the necessity for animal care merchandise

Cashing in on the necessity for animal care merchandise

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Lonely, locked-down homeworkers need pets, and pets need treats. Amid a surge in demand for furry pals in the course of the pandemic, Rutland Partners offered care product firm Armitage again right into a sizzling pet market. Jason Sinclair studies.

Corporate Financier article image - March 2021 edition

In October 2020, Rutland Partners accomplished the sale of Armitage Pet Care to Spectrum Brands within the US for £140m. The value reportedly valued the business at 5.7x earnings. Rutland had scooped up the Nottingham-based business three years beforehand, in September 2017. In between, it had grown gross sales of its Good Boy choc drops, chicken-coated dumbbells and Meowee! tuna fillet strips – amongst tons of of different strains – from £45m each year to £65m. Armitage provides greater than 2,000 merchandise for pets together with dogs, cats, birds and fish through supermarkets and specialist retailers.

The trump card on the sale was held by Rutland. “It was all capital-funded on completion,” says Ben Slatter, a accomplice at Rutland. “We weren’t going to accept a structure with earn-outs to hit. They could see the performance of the business, and we structured things in a way that was attractive to us, and to the management vendors as well.”

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