Private equity firm Olympus Partners announced this week the sale of pet-products provider Petmate— for a price totaling about $280 million more than what it paid for the company four years ago. Olympus sold Petmate for nearly $700 million, compared with an acquisition price of $420 million in 2017, according to sources familiar with the transaction.
The buyer, private equity firm Platinum Equity, is headquartered in Beverly Hills, Calif., but it also has offices in other locations including the Greenwich Office Park in Greenwich.
“We have sincerely enjoyed partnering with (Petmate CEO) Alice Tillett and the management team to grow the business into a true market-leading platform,” Olympus partner Paul Rubin said in a statement. “The team has done an outstanding job adapting to market dynamics and driving growth with key customers. Petmate is well-positioned for continued success.”
During Olympus’ ownership, the firm’s adjusted annual earnings increased from about $40 million to more than $60 million, according to Olympus data.
It sales growth reflects an expanding industry. U.S. retail sales of pet products and services reached $107 billion in 2020, up 9 percent from 2019, “due largely to a COVID-19 driven spike in the pet population,” according to a report from market research provider ResearchAndMarkets.com.
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