Thomas H. Lee in talks to buy Phillips Pet Food

Private equity firm Thomas H. Lee Partners LP is in advanced talks to acquire Phillips Pet Food & Supplies in a deal that could value the pet food distribution company at more than $500 million, according to three people familiar with the matter.

Negotiations with Thomas H. Lee may not lead to a deal and the family-owned company may still try to find another buyer or decide not to sell itself, the people said. They asked not to be identified because the talks ...

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