Pet Supplies Plus Acquires Largest Franchisee
FARMINGTON HILLS, Mich.--(BUSINESS WIRE)--Pet Supplies Plus (“PSP”) announced today that it has completed the acquisition of its largest franchisee, consisting of twelve stores in Northeast Pennsylvania. PSP, a portfolio company of Irving Place Capital, is the third-largest pet specialty retailer in the United States.
PSP’s Northeast Pennsylvania franchisee opened its first store in Wilkes-Barre in 1995. Over the past sixteen years, the group has expanded to twelve successful stores in the region.
Dave Bolen, CEO of Pet Supplies Plus, said, “Our Northeast Pennsylvania franchisee is not only the largest in our system, but is also one of the best-managed franchise operations. We are looking forward to building on the success of these stores as we expand our footprint in the region. Most importantly, we will work toward maintaining the high levels of service, differentiated product offering and competitive pricing that make Pet Supplies Plus everyone’s favorite neighborhood pet store.”
Dave McQueen and Andy Monas, co-owners of the Northeast Pennsylvania franchised group, said, “We have spent over sixteen years as members of the PSP family, culminating in the successful sale of our business to PSP. Over the years, we have developed the utmost respect for the operating practices and professional values of the PSP team. We have every confidence that the stores we have built will continue to prosper under PSP’s leadership.”
About Pet Supplies Plus
Pet Supplies Plus is the third-largest pet specialty retailer in the United States with 258 stores in 22 states. PSP operates a unique combination of company-owned and franchised stores in convenient neighborhood locations, and offers a broad assortment of pet food and supplies at competitive prices. PSP was acquired by Irving Place Capital in September 2010, and is headquartered in Farmington Hills, Michigan. More information about Pet Supplies Plus is available at www.petsuppliesplus.com.
About Irving Place Capital
Irving Place Capital is a middle-market private equity firm that invests in compelling buyouts, recapitalizations, and growth capital opportunities. The firm focuses on making control or entrepreneur-driven investments in companies where it can apply its substantial operating and strategic resources and expertise to enhance value. Irving Place Capital is proactively targeting the pet sector for additional investment opportunities. Since its formation in 1997, Irving Place Capital has been an investor in more than 55 companies and has raised over $4 billion of equity capital, including its current $2.7 billion institutional fund. More information about Irving Place Capital is available at www.irvingplacecapital.com.
Contacts
For Pet Supplies Plus
Mary Zimmerman or Glen Gullickson, 212-333-3810
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