Investment Will Support Growth of Independent Pet Health and Wellness Brand
SAN FRANCISCO, April 20, 2023 /PRNewswire/ -- Gryphon Investors ("Gryphon"), a leading middle-market private equity firm, today announced that it has acquired Vetnique Labs ("Vetnique" or the "Company"). In partnership with founder and CEO James Bascharon DVM, who will remain in his current role and maintain a significant stake in the business, Gryphon will invest in expanding the Company's product and geographic reach while supporting its mission of developing and delivering clinically proven and highly efficacious products that help pets thrive. Financial terms of the transaction were not disclosed.
Headquartered in Naperville, IL, Vetnique develops a range of specialty pet products including supplements and topical solutions for digestive health, allergy and dermatological support, ear care, active lifestyle, and calming support. For more than a decade, Dr. Bascharon and the Vetnique team have helped pets lead healthier and happier lives through unique, veterinary-formulated products. With nine separate sub-brands, Vetnique is sold domestically and abroad through a variety of channels, including direct to consumer, through pet specialty retail outlets, and through veterinary distributors. The Company is best known for its iconic Glandex supplement and has developed a full range of nose-to-tail solutions featuring clinically proven ingredients.
Gryphon Operating Partner Mike Ferry said, "Vetnique occupies a unique position in the $2 billion pet supplement market as a company with innovative products benefitting from compelling tailwinds. As we continue to see increased use of supplements with companion animals, we believe that Vetnique will stand out as offering differentiated solutions that provide real and lasting benefits for pets."
Eddie Douglas, Principal in Gryphon's Consumer Group, noted, "We look forward to partnering with James and his outstanding team at Vetnique, and can't wait to get to work. After many years of evaluating the overall pet space, we are excited to support Vetnique's efforts to build the premier pet health and wellness platform. We are impressed with the business to date and are honored to welcome such a unique brand into the Gryphon family."
Dr. Bascharon commented, "We are delighted to join the team at Gryphon as we enter our next phase of growth. Gryphon is an ideal partner given the firm's experience in pet and consumer health and its track record of working with professionally recommended brands. We believe this investment will allow us to accelerate the incredible momentum we have built over the last few years."
Matt Farron, Partner and Head of Gryphon's Consumer Group, added, "Vetnique is a perfect fit for Gryphon and leverages our proactive focus of investing behind differentiated brands in pet health. We are proud to be working with such an innovator in a thriving sector and to be supporting the team as they build for the future."
As part of the transaction, Mr. Ferry, Mr. Farron, and Mr. Douglas will join the Company's Board of Directors. The transaction marks Gryphon's first investment in the pet products space and second investment in the broader pet health and wellness ecosystem, following its 2019 investment in veterinary support organization Heartland Veterinary Partners.
William Blair & Company, LLC served as the exclusive financial advisor to Gryphon. Raymond James served as financial advisor to Vetnique. Kirkland & Ellis LLP acted as legal advisor to Gryphon.
About Vetnique Labs
Vetnique Labs is a leading pet health and wellness platform on a mission to help pets thrive. Since its founding in 2012 by James Bascharon DVM, the Company, best known for its iconic Glandex supplement, has evolved into one of the fastest growing omni-channel pet brands in the United States. Vetnique's product portfolio now consists of a holistic 'nose-to-tail' range of unique, multi-modal pet health products that are vet-formulated and recommended by vets worldwide. Learn more about Vetnique Labs at vetniquelabs.com.
About Gryphon Investors
Gryphon Investors is a leading private equity firm focused on profitably growing and competitively enhancing companies in partnership with management. As of December 31, 2022, the firm has over $8.9 billion of assets under management. Gryphon prioritizes investment opportunities where it can form strong partnerships with founders, owners and executives to build leading companies, utilizing Gryphon's capital, specialized professional resources, and operational expertise. For more information, please visit www.gryphoninvestors.com.
SOURCE Gryphon Investors