Deal Details

PSP Is Acquired by Sentinel

Consumer

PSP, a portfolio company of IPC, sale to Sentinel

Summary

Pet Supplies Plus (“PSP” or the “Company”), a portfolio company of Irving Place Capital (“Irving Place” or “IPC”), has been acquired by Sentinel Capital Partners (“Sentinel”). The terms of the transaction were not disclosed.

Baird served as financial advisor to Pet Supplies Plus on this transaction.

About

Pet Supplies Plus is the third largest pet specialty chain in the United States with 448 franchised and company operated stores across 33 states. Founded in 1988, PSP delivers the convenience, knowledge and customer service of a local neighborhood pet store while providing the selection and value of large national chains. The Company offers a broad assortment of pet food and supplies, in addition to services such as washing and grooming. Since being acquired by IPC, PSP has opened more than 200 additional store locations and expanded its geographic footprint into 11 additional states. The Company is headquartered in Livonia, Michigan.

Irving Place Capital invests private equity capital in compelling buyouts, recapitalizations and growth capital opportunities alongside superior management teams. IPC focuses on making control or entrepreneur-driven investments where it can apply its substantial operating and strategic resources and expertise to enhance value. Since its formation in 1997, Irving Place has been an investor in more than 60 companies.

Sentinel specializes in buying and building businesses in the lower midmarket in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of established businesses with EBITDA of up to $65 million. Sentinel also invests in special situations, including balance sheet restructurings and operational turnarounds.

Consumer

PSP, a portfolio company of IPC, sale to Sentinel