Central Garden & Pet makes a key acquisition
Central Garden & Pet, the pet products and lawn and garden supplier, has acquired TDBBS, LLC from Bregal Partners.
Based in Richmond, Virginia, TDBBS is a provider of premium natural dog chews and treats. Central Garden & Pet said the addition of TDBBS will expand its portfolio with bully and collagen sticks, bones, and jerky, and further strengthen the company’s e-commerce and digital capabilities.
“We are excited to welcome the TDBBS team into the Central Garden & Pet organization,” said Beth Springer, interim CEO of Central Garden & Pet. “Our Central to Home strategy is focused on building further scale in our two industries and growing leading brands consumers love. Adding TDBBS’s established brands and digital capabilities solidifies our position in the large and growing dog treats and chews category and will strengthen our footprint with key customers.”
Springer was named interim CEO following last month’s departure of Tim Coffer who was named chief operation officer at Keurig Dr. Pepper and is slated to take over as CEO of the company in the second quarter of 2024.
Prior to the move, Springer was already serving as Central’s lead independent director.
Coffer left the company in a firm position. In August, Central Garden & Pet reported third quarter 2023 net sales increased 1% to $1.023 million from third quarter 2022 sales of $1.015 million.
The Walnut Creek, California-based company also posted a net income increase of 10% to $83 million from a net income of $75 million for the same period a year ago.
Since 2008, TDBBS has developed and sold minimally processed dog treats and chews.
Each of its three well-known brands (Best Bully Sticks, Barkworthies, and Paw Love) offer a wide variety of natural, grain and gluten-free products that are low in fat and high in protein and made from limited ingredients. Their wholesome treats and chews keep dogs occupied while promoting overall health, Central said.
Additionally, TDBBS was founded as a digitally native brand with a first-mover advantage. Today, the company’s brands and websites are synonymous with the bully stick category.
TDBBS sells its products online direct-to-consumer and through third-party platforms, as well as through pet specialty and select grocery, mass and club retailers.
“For over 15 years, TDBBS has been proud to offer the widest selection of high-quality natural dog treats and chews. We believe pets are family, and they deserve quality ingredients just like us. We are excited for this next chapter in our business as part of Central Garden & Pet,” said Tom Goundrey, CEO of TDBBS. “Central’s resources, capabilities and expertise in the pet industry will be key to growing our business further.”
Central was represented by Orrick as legal advisor. TDBBS was represented by Lazard as exclusive financial advisor and Dechert as legal advisor.
The transaction closed on November 3, 2023. The financial terms of the deal were not disclosed. Central said it will provide additional details on the acquisition during its fourth quarter and fiscal year-end earnings call later in November.
Central Garden & Pet has 2022 sales of $3.3 billion.
