Norwest Mezzanine Partners Supports Sentinel Capital Partners’ Acquisition of Pet Supplies Plus
December 20, 2018
Minneapolis, Minnesota – Norwest Mezzanine Partners (NMP) has invested a combination of subordinated debt and equity securities to support Sentinel Capital Partners’ (SCP) in its acquisition of Pet Supplies Plus, the third largest pet specialty chain in the U.S. and the largest “independent” pet-specialty operator.
“On behalf of the entire Sentinel team we are very pleased to have NMP support us in this investment. As a strong, proven investment partner, NMP has been a consistently reliable partner and extremely efficient throughout the process.” commented Marc Buan, Principal of SCP.
Founded in 1988 and headquartered in Livonia, Michigan, Pet Supplies Plus (PSP) is a leading franchisor and operator of pet-specialty stores that provide a customer-centric shopping experience in smaller stores that have a neighborhood feel. PSP blends the advantages of national scale with those of a friendly, local neighborhood pet store. Stores have a streamlined design, which makes them easy to navigate, and a wide assortment of natural foods, hard goods, and pet services. Serving 33 states, PSP’s system comprises 448 stores, split evenly between franchised and company-owned locations. PSP also operates a distribution network with significant buying power that provides scale, profitability, and competitive operational advantages to its franchisees. Pet Supplies Plus is recognized by Entrepreneur magazine as the top full-service pet supplies franchise for its excellent performance, financial strength and stability, growth rate, and system size.
Carter Balfour, NMP Partner, stated, “We are very pleased to invest once again alongside SCP. We know that Sentinel’s deep franchise experience will complement PSP’s talented management team, led by CEO Chris Rowland. NMP looks forward to supporting Chris and his team in its next phase of growth.”
For more information please visit www.petsuppliesplus.com.
About Sentinel Capital Partners
Sentinel specializes in buying and building businesses in the lower midmarket in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of established businesses with EBITDA of up to $65 million. Sentinel also invests in special situations, including balance sheet restructurings and operational turnarounds. For more information about Sentinel, visit www.sentinelpartners.com.