May 6, 2018
Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Vetscience, LLC, doing business as Fruitables Pet Food (“Fruitables”), a leading marketer of branded natural pet treats and food supplements.
Founded in 2006, Fruitables is a pioneer in the market for natural CalorieSmart® pet treats and food supplements for dogs and cats. The Company has its origins in the research of renowned small companion animal scientist and researcher Dr. John Bauer, PhD and DVM. Fruitables products provide pet owners and pets alike a robust sensory experience through the uses of natural and harvest fresh superfoods. The Fruitables CalorieSmart® system delivers palatability, high-quality nutrition, calorie control, and satiety. The Company’s products include a full range of pet treats including baked and soft treats, whole muscle meat jerky, condition-specific food supplements, and its most recent launch, broths and purees.
“At a time when the pet industry was lacking innovation, Fruitables consistently brought to market new and differentiated products that met a clearly defined market need,” commented Bryan Jaffe, Managing Director at Cascadia Capital. “The Company’s ability to create products offering very high sensory appeal, functional benefits, and high-quality nutrition distinguished Fruitables from its peers. That track record of innovation was highly valued in the transaction.”
Kevin Swenke, CEO & Co-Founder of Vetscience added, “We launched Fruitables because we felt there was a unique opportunity to apply corollaries from human snacking, and health and wellness trends to the pet treat market. When we decided to evaluate our options, we wanted a partner who would respect our spirit of innovation and our adherence to proven science, and we found that in Manna Pro. We are very appreciative of the role Cascadia played in consummating the transaction.”
The acquisition of Fruitables represents the 14th successful transaction for Cascadia’s Consumer & Retail team in the pet industry. This transaction represents the third pet industry client Cascadia advised in a sale or financing over the past 12 months. Recent transactions include the acquisition of Manna Pro Products by Morgan Stanley Private Equity, and the acquisition of Petflow by Phillips Pet Food & Supplies.