Imperial Capital Group Acquires Petra Pet

Imperial Capital Group, a Toronto-based private equity firm, has acquired Petra Pet Inc., the makers of Beefeaters pet treats, and its pet nutrition products affiliate, Petra Vet LLC. Financial terms of the deal, which was completed in early May, were not disclosed.

Imperial Capital vice president Jonathan Sherman said the firm plans to work in partnership with Petra's management team to grow the company, whether organically or through strategic acquisitions.

"We'd like to continue to grow the business in its current channels of distribution," Sherman said. "And we're certainly focused on continuing to grow the current lines of treats and nutritional products."

Petra Pet will continue to operate out of its facility in North Bergen, N.J. Dean Triandafellos will remain as president and CEO of Petra Pet.

Company founders Jacob Tepper and Steven Mendel will also stay on as a consultant and vice president of operations, respectively.

Imperial Capital plans to establish a company board of directors, led by Brian Mirsky. Mirsky is president of Fresh Change Foods Group Ltd. and has previous experience in the pet treats category, having served as general manager of the pet treat division of H.J. Heinz Co.

Triandafellos and Tepper will also serve on the board, Sherman said.

The acquisition marks Imperial Capital's entry into the pet market. Sherman said the firm had been interested in the pet marketplace for some time and decided to make an investment in the consumable pet product sector after the category ranked the best in an analysis of the consumer products industry.

"Within that sector, we found pet treats to be an attractive subsector of the pet industry as it has exhibited good growth rates through the recession and has a number of characteristics that we found attractive," Sherman said.

Imperial Capital sought out a deal with Petra Pet because it is a well-established company within the pet industry and has a well-established brand, Sherman said. In addition, he said the company was a sufficient size to be platform for Imperial Capital in the pet industry and had shown good performance through the recession.