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Carlyle picks up stake in Manna Pro
Posted on Friday, 06 November 2020 14:39
Private equity firm Carlyle has bought a majority stake in US-based pet care products manufacturer Manna Pro from Morgan Stanley Capital Partners (MSCP).
Financial terms were not disclosed.
The deal is part of Carlyle’s long-term strategy within the consumer, media and retail industries, in which it has invested more than USD 21.50 billion since its inception.
Headquartered in Missouri, Manna Pro makes and markets a range of speciality pet care products, foods and treats.
With a history dating back to 1842, the company also develops feed for poultry, equine and cattle, among animals.
Manna Pro’s offerings are sold through several retailers across the US, including Walmart, Amazon, State Line Tack and Walmart.
David Basto, managing director at Carlyle, said: “Our prior partnership with Manna Pro was a great success, and the business’ momentum has only continued.
“Strong recent organic growth and the relative fragmentation in the categories in which the company plays give us a high degree of confidence in the opportunities ahead for Manna Pro.”
Jay Sammons, head of the buyer’s consumer, retail and media division, added the target has scope for continued expansion, both domestically and internationally.
Through the deal, Carlyle will also gain access to Manna Pro’s brands, namely Fruitables, Hero Pet and Doggie Dailies.
John Howe, chief executive of the target, noted: “With increasing demand for products that help pet parents care for and nurture their pets, we appreciate MSCP’s support in achieving our leadership position and look forward to working with Carlyle again as we continue our mission.”
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 138 deals targeting animal food manufacturers announced globally in 2020 to date.
China-based New Hope Liuhe announced plans to issue convertible bonds worth CNY 8.50 billion (USD 1.28 billion) in the most valuable of these.
Other companies targeted in this sector this year include Tongwei, Lily’s Kitchen and Armitage Pet Care.
© Zephus Ltd