Private equity firm Sentinel Capital Partners has announced it will acquire Pet Supplies Plus, the United States’ largest independent pet specialty chain, and third-largest overall. Sentinel Capital Partners specializes in investing in “promising companies at the lower end of the midmarket”.
The firm has previously acquired 13 franchise investments in the US, including Border Foods, Captain D's, Checkers, Cottman Transmission Systems, Falcon Holdings, Fazoli's, Interim Healthcare, Huddle House, Massage Envy, Newk's Eatery, Southern California Pizza Company, TGI Fridays and Tony Roma's.
Pet Supplies Plus opened its first location in Redford, Michigan in 1988. In 2018, the brand is represented across 448 franchised and corporate pet centers in 33 states.
Sentinel Principal investor, Marc Buan said "PSP is the number one pet franchise system in the U.S. with an expanding footprint and a large white-space opportunity. The pet industry is very attractive due to its stability, growth, and passionate consumer base. PSP has a strong position in the pet retail segment and a very loyal customer base. Led by a highly committed and talented management team, PSP has delivered consistent performance and steady growth. We are excited to partner with PSP during the next phase of its growth."
"PSP combines the convenience, expertise, and high-touch experience of a local neighborhood pet store with the curated selection and value of a national player," said Chris Rowland, CEO of Pet Supplies Plus in a press release.. "We look forward to partnering with Sentinel, a firm with deep franchising expertise, to help us drive revenue growth and geographic expansion."