The New York-based private equity firm has a history of purchasing franchise brands.
Headquartered in Livonia, Michigan, Pet Supplies Plus is a retail franchise that sells pet products and has been in business for over 25 years. The brand’s stores offer food, toys and grooming products for household animals of all kinds.
A Crain’s Detroit Business article about the acquisition notes that while most brick-and-mortar stores have experienced a decline nationwide, spending in the pet products and services industry has not, citing the American Pet Products Association statistic that overall revenue in the pet industry grew by $3 billion from last year to $69.5 billion.
"Pet Supplies Plus is the number one pet franchise system in the U.S. with an expanding footprint and a large white-space opportunity," said Marc Buan, a principal at Sentinel Capital Partners. "The pet industry is very attractive due to its stability, growth, and passionate consumer base. ... We are excited to partner with PSP during the next phase of its growth."
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