A Saskatoon-based natural pet food manufacturer has been acquired by an Ontario-based pet industry merchant bank.
Dane Creek Capital Corp. (DCCC) said more pet owners are moving their dogs and cats to a raw diet and adding Spring Meadows Natural Pet Food to its portfolio strengthens its base in the growing market.
“We are impressed by the quality and attention to detail Brett (Flahr) and his team have devoted to making a nutritious raw food which some retailers have said is the best in the business,” Glen Tennison, president and CFO of DCCC, said in a statement.
“We look forward to Brett’s involvement as a key leader on the DCCC team as we look to expand the reach of raw pet food brands in support of pet specialty retailers across Canada.”
Spring Meadows was founded in 2004 by Flahr and Regan Sloboshan to provide pet owners with whole ground frozen animal pet food, sourcing its ingredients from local farming partners.
Flahr will continue on as president of Spring Meadows.
“I believe the model they have developed puts them at the forefront of the industry and I look forward to working with them to grow Spring Meadows as a leading raw pet food brand across Canada,” Flahr said in a statement.
DCCC will now have manufacturing capabilities in three provinces with the acquisition of Spring Meadows, which sells its products through specialty retailers, mainly in Western Canada.
Details of the all-cash transaction have not been released, but DCCC said the “purchase price represents 0.72 times trailing 12-months revenue.”
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