divestitures-post

has been acquired by

Situation:

Harrison Pet Products Inc, headquartered in Kitchener, Ontario, is a Canadian manufacturer of branded ultra-premium, high-premium, and premium pet food. Manufacturing is handled by a company in Germany and most of its 30 distributors were based in Europe. The reputation associated with a Canadian brand in these markets had been a key to its success. The owner wanted to retire.

Solution:

A competitive bid process was run. Stillwater developed the marketing material and in October 2014 contacted 144 prospective buyers (primarily European), with 19 executed NDAs and four LOIs. In mid December, the German manufacturer advised that they were very interested in acquiring the company. Stillwater finally negotiated a strong deal for the client (7.4 times EBITDA) with bosch Tiernahrung GmbH & Co. Kg of Germany and closed an all cash deal on April 30, 2015.