Wind Point Partners added on sWheat Scoop, which makes wheat-based, biodegradable cat litter products, to its Targeted PetCare platform. Wind Point acquired the sWheat Scoop from Farmers Union Industries. The deal represents Wind Point’s fourth acquisition to its New Hamburg, Ontario-based Targeted PetCare platform.
Wind Point Partners (“Wind Point”) and portfolio company Targeted PetCare (“TPC” or the “Company”) are pleased to announce today that TPC has acquired sWheat Scoop (“sWheat”) from Farmers Union Industries. sWheat, founded in 1994 and headquartered in Detroit Lakes, MN, is a leading manufacturer of branded, 100% wheat-based, biodegradable cat litter products.
The acquisition is highly complementary to TPC’s animal litter business, which manufactures branded and private label traditional clay-based litter, as well as alternative, paper-based litter. sWheat is the leading manufacturer of alternative, wheat-based cat litter, selling its products through retailers and distributors. TPC will now be able to offer its customers wheat-based cat litter in addition to products from the broader TPC portfolio, including recycled paper-based and clay-based animal litter, animal bedding, pet treats, and dental chews.
Matt Miller, TPC CEO, noted, “On behalf of everyone at TPC, I am thrilled to welcome the sWheat Scoop family into our organization. sWheat brings a unique, high-quality cat litter with a great industry and consumer reputation. We are excited about the future and look forward to leveraging our sales and marketing capabilities to drive combined sales across our customer base.”
Paul Peterson, Wind Point Managing Director, commented, “sWheat is a perfect fit with TPC and the acquisition helps us continue our strategic vision of building a diversified pet products platform. We believe the combination with TPC will serve as a catalyst for continued growth.”
The acquisition of sWheat Scoop marks TPC’s fourth acquisition under Wind Point’s ownership as the Company seeks to become the preferred partner for its customers by further expanding its product offering and geographic presence.
Bob Larson, General Manager of sWheat Scoop, stated, “We are extremely pleased to be joining Targeted PetCare and we believe we have found the perfect new owners who will accelerate the growth trajectory of sWheat Scoop, while also being great stewards of our associates and community. We are extremely grateful for the support everyone has provided over the years in helping us build what sWheat Scoop is today.”
Dan Hildebrandt, President and CEO of Farmers Union Industries, commented, “This marks the beginning of a new and exciting chapter for sWheat Scoop. We are happy to see one of our divisions partner with TPC and Wind Point, who have a great history of growing niche businesses. The combination of experience between TPC, Wind Point, and management will leave our dedicated employees and valued customers in terrific hands.”
Antares Capital and Maranon Capital led the debt financing for the transaction. Kirkland & Ellis LLP served as legal counsel to Wind Point, and BKD, LLP provided transaction advisory services in connection with the transaction.
About Targeted PetCare
Targeted PetCare is a full-line manufacturer of animal litter and bedding products and a co-manufacturer of dental pet treats. TPC is headquartered in Ontario, Canada and operates four manufacturing facilities across the US and Canada. Additional information about TPC’s operating companies can be found at www.pestell.com,www.bpvenvironmental.com, www.targetedpettreats.com, and www.versapet.com.
About Wind Point Partners
Wind Point Partners is a Chicago-based private equity investment firm with approximately $3 billion in assets under management. Wind Point focuses on partnering with top caliber management teams to acquire well-positioned middle market businesses where it can establish a clear path to value creation. The firm targets investments in the consumer products, industrial products, and business services sectors. Wind Point is currently investing out of Wind Point Partners IX, a fund that was initiated in 2019. For more information, please visit www.windpointpartners.com.