Culbro Completes Minority Investment in TDBBS

TDBBS, a Richmond, VA-based manufacturer and marketer of all natural dog treats and chews, has completed a minority investment by Culbro, a family-controlled private equity firm based in New York City. Terms were not disclosed.

PRESS RELEASE

TDBBS, LLC, a Richmond, VA-based manufacturer and marketer of all natural
dog treats and chews, announced the completion of a minority investment by Culbro, LLC, a family-controlled
private equity firm based in New York City. The transaction closed on February 28, 2013; terms were not
disclosed.
Founded by Avrum and Lauren Elmakis in 2007, TDBBS has achieved extraordinary growth since inception and
was ranked #384 in Inc. Magazine’s 2012 “Inc. 500” ranking of the nation’s fastest-growing private companies.
TDBBS specializes in bully sticks, elk antlers, and other natural, high protein dog chews that are highly digestible
and are becoming increasingly popular among dog owners across the U.S. and abroad. In addition to bully sticks,
the company also offers a wide variety of complementary all natural dog treats and chews to consumers through its
proprietary ecommerce sites and also through other retail channels.
Culbro, LLC was formed in 2005 as the private equity investment vehicle of the Cullman family and is presently
managed by members of that family. Among numerous successful businesses it has owned, the Cullman family
owned and operated General Cigar Holdings, Inc., the largest premium cigar company in the U.S. with prestigious
brands such as Macanudo and Partagas, for over forty years before selling the company in 2005. The principals of
Culbro have significant operating and investing experience across a number of industries, with a particular focus on
consumer products companies.
Avrum Elmakis, Founder and CEO of TDBBS, said, “I am very excited to partner with Culbro. The knowledge
and first-hand experience that the Culbro team has through its development of a world-class consumer products
company like General Cigar will be invaluable to TDBBS as we seek to capitalize on the many exciting growth
opportunities in the pet industry. This transaction will enable TDBBS to accelerate our growth at an even greater
pace due to the resources, guidance and access to capital that Culbro brings.”
“In a relatively short time span TDBBS has established itself as a leader in the dynamic pet products industry by
providing pet owners with innovative products that are all natural, great-tasting and healthy for their pets,” said
Edgar Cullman, Jr., Managing Member of Culbro, “We are looking forward to working with Avrum and the rest of
the TDBBS team to continue to build upon their success to date.”
David Danziger, Managing Member of Culbro, said, “Avrum and his team have done an extraordinary job building
a successful business with a number of attributes that we look for when making an investment, including a strong
leadership team, loyal customer relationships and sustainable competitive advantages. The fact that TDBBS
operates in an industry that is expanding so rapidly makes this investment even more compelling for Culbro.”
Marriott & Co. acted as exclusive financial advisor to TDBBS on this transaction. Williams Mullen provided legal
advice to TDBBS, and Gunster provided legal advice to Culbro on this transaction.
Justin Marriott, Managing Director of Marriott & Co. said, “We thoroughly enjoyed working with Avrum and the
rest of the TDBBS team on this important transaction. The cultural fit between TDBBS and Culbro was evident
throughout this entire process, and I know that TDBBS is poised for great things under this new partnership.”

Added Mr. Elmakis, “I can’t thank the Marriott & Co. team enough for the amazing job they did throughout this
process. They managed an efficient and professional process to ensure that TDBBS found a private equity partner
that truly understands our unique business model.”
About TDBBS, LLC:
About Culbro, LLC:
Contacts:
Avrum Elmakis CEO – TDBBS, LLC Phone: (804) 525-7169 avrum@tdbbsinc.com www.tdbbsllc.com
David Danziger Managing Member – Culbro, LLC Phone: (646) 461-9277 ddanziger@culbro.com www.culbro.com
###
Headquartered in Richmond, VA, TDBBS, LLC is a leading manufacturer and marketer of premium pet related
products throughout the U.S. and abroad. TDBBS provides its loyal customer base with a diverse line of unique
products in the pet industry including all natural dog treats and chews. Among its product offerings are bully
sticks, which are all natural, high protein dog treats and chews that the company markets in a variety of shapes,
sizes and varieties. TDBBS sells its products to consumers through its ecommerce sites, and it has also developed
relationships with some of the leading distributors and retailers across the U.S.
TDBBS was founded in 2007 and has achieved a triple-digit revenue growth rate since its inception. In Inc.
Magazine’s 2012 “Inc. 500” ranking of the fastest-growing private companies in the U.S., TDBBS was ranked
#384.
Based in New York, NY, Culbro, LLC (www.culbro.com) is the private equity investment vehicle of the Cullman
family and is presently managed by members of that family. Culbro primarily focuses on making equity
investments of $10 to $20 million in middle market companies across a variety of sectors, including branded
consumer products, healthcare services, education products and services and other outsourced services including
information technology. The firm invests its partners’ capital and is supported by a number of allied investors who
often invest alongside it, providing for flexible investment structures and time horizons. The Managing Members
of Culbro are former operating executives who seek to partner with strong existing management teams to help their
companies grow.
The Cullman family has a rich history dating back to 1884 which includes owning and managing a number of
successful companies, including General Cigar Holdings, Inc., the largest premium cigar manufacturer and
marketer in the U.S. with prestigious brands including Macanudo and Partagas. Upon completing a sale of its
interests in General Cigar to Swedish Match AB in 2005, the Cullman family created Culbro, LLC as its private
equity investment vehicle. In addition to its U.S. operations, Culbro invests in India through its associated
company, Helix Investments

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