Pet Supplies Plus said Wednesday that its executive chairman, Harvey Solway, is retiring effective Dec. 31. Pet Supplies Plus is backed by Irving Place Capital.
Pet Supplies Plus (PSP) announced today that Harvey Solway, Executive Chairman of the company, is retiring effective December 31, 2011. PSP, a portfolio company of Irving Place Capital, is the third-largest pet specialty retailer in the United States.
Mr. Solway, 60, began his twenty-year career with Pet Supplies Plus as Executive Vice President and General Counsel and served as the company’s CEO from January 1993 through June 2011. Mr. Solway led PSP through its formative years and was instrumental in growing the business to its 92 corporate and 159 franchise stores today. Mr. Solway also initiated the transaction with Irving Place Capital in September 2010 to position the company for an accelerated expansion. During his tenure at PSP, Mr. Solway provided solid leadership and stability while delivering substantial returns to shareholders.
“Harvey has been a key member of the PSP leadership team and a respected leader in the pet specialty industry for many years,” said David Bolen, PSP’s President and CEO. “Having led the successful integration of our company-operated stores, franchise stores and distribution operations, Harvey has positioned us well for continued growth in the future. Harvey’s industry experience, business savvy and the culture he has created have been great assets to our company, and we wish him all the best in his future endeavors.” As Harvey returns to his entrepreneurial roots, he has announced that he anticipates future involvement with the company by becoming a multi-unit franchisee under the terms of the most recent franchise agreement.
“I have been part of the Pet Supplies Plus family for two decades, and have seen the business evolve from an entrepreneurial organization to one that is well-positioned to become a leading nationwide pet specialty retailer,” said Mr. Solway. “I am excited about the experience and business acumen that Dave and his leadership team bring to Pet Supplies Plus and am confident that they will take the business to the next level. I look forward to staying involved with Pet Supplies Plus and will remain a significant investor in the overall company.”
About Pet Supplies Plus
Pet Supplies Plus is the third-largest pet specialty retailer in the United States with 251 stores in 22 eastern states. PSP operates a unique combination of company-owned and franchised stores that are in convenient neighborhood locations offering a broad assortment of pet food and supplies at competitive prices. PSP was acquired by Irving Place Capital in September, 2010. The company is headquartered in Farmington Hills, Michigan. More information about Pet Supplies Plus is available at www.petsuppliesplus.com.
About Irving Place Capital
Irving Place Capital invests private equity capital in compelling buyouts, recapitalizations, and growth capital opportunities alongside superior management teams. Irving Place Capital focuses on making control or entrepreneur-driven investments. Since its formation in 1997, Irving Place Capital has been an investor in more than 55 companies and has raised over $4 billion of equity capital, including its current $2.7 billion institutional fund. More information about Irving Place Capital is available at www.irvingplacecapital.com.