June 28, 2018
Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Main Post Partners (“Main Post”) with respect to its investment in Nulo, Inc. (“Nulo”), a leading independent marketer of branded pet food and treats.
Headquartered in Austin, Texas, Nulo is an industry leader in pet nutrition and innovation. All of Nulo’s recipes contain high concentrations of meat protein, are grain-free, have low glycemic carbohydrate content, and contain a patented probiotic for immune and digestive health.
Nulo has been recognized as a “Top 25 Most Innovative Retail Brand” by Forbes Magazine, ranked #105 on Entrepreneur’s “Best Entrepreneurial Companies in America”, landed at #520 on the Inc. 5000 “Growth Leaders of 2017” and was one of the 100 Buzziest U.S. CPG Food & Beverage Brands, among its many other accolades. Alongside brand ambassadors such as gold medal-winning Olympians Michael Phelps, Hilary Knight, and Kaetlyn Osmond, and NFL Pro Bowl linebacker Ryan Kerrigan, Nulo inspires pet parents to be Healthier Together™ with their pets.
“The pet food market is undergoing a meaningful shift in market dynamics,” commented Bryan Jaffe, Managing Director at Cascadia Capital. “With Blue Buffalo and other brands which were previously dedicated to the pet specialty channel moving into conventional grocery and the mass channel, there is greater opportunity and mind share for leading challenger brands in pet specialty. However, taking advantage of that opportunity will require capital to drive awareness and support the brand at retail.”
“We have known Michael and have been following Nulo’s success closely for years,” said Josh McDowell, Partner at Main Post. “Nulo is among the fastest growing, most respected brands in the industry and this investment is an excellent opportunity to enter the rapidly growing pet sector where parents are passionate about their pets’ health and well-being. We look forward to partnering with Michael and the Nulo team to support the brand’s continued growth.”
The investment in Nulo represents the 15th successful transaction for Cascadia’s Consumer & Retail team in the pet industry. This transaction is Cascadia’s fourth pet industry advisory assignment over the past 12 months. Other recent transactions include the sale of Fruitables to Manna Pro Products, the acquisition of Manna Pro Products by Morgan Stanley Private Equity, and the sales of Petflow by Phillips Pet Food & Supplies.