Worldwise, a portfolio company of Mistral Equity Partners, has recapitalized with a $31.4 million loan from Monroe Capital LLC. Worldwise said it will us the additional capital to support ongoing product development, channel & market expansion, as well as future acquisition.
NOVATO, Calif., Dec. 10, 2015 /PRNewswire/ — Worldwise, Inc. (“Worldwise”) has announced it has recapitalized with a $31.4 millionunitranche credit facility provided by Monroe Capital, LLC. The financing refinanced Worldwise’s outstanding senior debt, and will provide additional capital to support ongoing product development, channel & market expansion, as well as future acquisitions.
Jeffrey Ginsberg, Chairman of Worldwise and Managing Director of Mistral Equity Partners, the Company’s private equity sponsor, remarked “Monroe understood the pet sector in general and the opportunity for Worldwise to grow substantially in the highly fragmented pet accessory segment in particular. They came up with a very creative and flexible structure that will enable Worldwise to both invest in innovation, organic growth, and an aggressive acquisition program.”
This transaction completes an active and productive year for Worldwise, which merged with Quaker Pet Group (“QPG”) in May 2015, bringing together two leading pet companies and combining their expertise and creative energy. The merger has enabled Worldwise, a leader in pet bedding, cat scratchers, cat toys and other cat accessories, to become an established and trusted resource in the high-growth dog toy and carrier markets. Worldwise’s portfolio of brands now includes SmartyKat, TrustyPup, Petlinks, Hear Doggy!, Sherpa, and goDog, and its products are distributed at over 30,000 doors across multiple retail channels throughout the world.
“The merger with QPG has been extremely successful and the integration has gone very well,” added Kevin Fick, Chief Executive Officer of Worldwise, Inc. “Our customers have responded well to the broader product lines we offer, and our respective product development, sales and operations teams have come together as a true team. The financial and strategic benefits of the combination have been compelling, and we are actively looking for additional opportunities to bring into the fold.”
Petlinks®, SmartyKat®, TrustyPup®, SHERPA®, goDog™, Hear Doggy!™ and kathy ireland® Loved Ones products are manufactured by Worldwise®, a leading consumer pet products company. By developing innovative, solution-based and high-quality products from environmental materials whenever possible, Worldwise brands are changing consumer beliefs about the look, feel, price and performance of environmentally-responsible products.
To learn more about Worldwise, visit www.worldwise.com.
About Mistral Equity Partners
Mistral Equity Partners is a private equity firm comprised of highly experienced investment professionals and seasoned industry executives. The Firm specializes in the consumer, retail and consumer focused media sectors, and is especially attracted to businesses that are supported by strong demographic trends and fundamental changes in consumer preferences.
About Monroe Capital
Monroe Capital LLC is a leading provider of senior and junior debt and equity coinvestments to middle-market companies in the U.S. and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, asset based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity coinvestments. Monroe Capital prides itself on its flexible investment approach and its ability to close and fund transactions quickly. Monroe is committed to being a value-added and user-friendly partner to owners, senior management and private equity sponsors. Monroe has been recognized by Global M&A Network as the 2013, 2014 and 2015 Small Middle Markets Lender of the Year, Private Debt Investor as the 2013 Unitranche Lender of the Year and the 2014 Senior Lender of the Year, and the U.S. Small Business Administration as the 2015 Small Business Investment Company (SBIC) of the Year. To learn more about Monroe Capital LLC, visit www.monroecap.com.