February 6, 2020
Wet Noses, Inc. (“Wet Noses”), a manufacturer and marketer of branded and private label pet treats, has been recapitalized by VisioCap, LLC, a private investment firm with deep expertise owning and operating businesses in the companion animal sector, and Beach Point Capital Management, LP, an employee owned investment sponsor. Cascadia Capital was the exclusive advisor to Wet Noses in the transaction.
Wet Noses produces baked treats and premium grade dog and cat food in alternative form factors, sold under the Wet Noses, Doggy Delierious, and Best Homies brands. Founded by Jasmine Galligan in 1998, Wet Noses was a pioneer in the naturalization of pet consumables. The Company’s products are non-GMO and human-grade without corn, wheat, soy, preservatives, or artificial ingredients. Wet Noses currently operates out of a 80,000 SQF Level III certified facility in Monroe, Washington.
“The Wet Noses story is incredible and captures much of what is great about the pet industry,” said Cascadia Managing Director, Bryan Jaffe. “A pet owner, dissatisfied with current products, questions why not better for our companion animals, and instead of waiting for the market to recognize the opportunity, seeks to realize it themselves. That mindset created significant value for pets, pet parents, and the Company. We are grateful to have had the opportunity to work with Jasmine and the team to realize this outcome.”
“Wet Noses was founded on a promise to do better for pets, their parents, and the environment,” said Jasmine Galligan, Founder of Wet Noses. “Our team has consistently delivered on that promise and brought meaningful innovation to market. The investment we received through this process will support our long-term plans for growth and expansion, and ensure Wet Noses will have an even greater impact on our pets. I appreciate the hard work of everyone involved to make this happen. I firmly believe that we have found in VisioCap the perfect partner to continue growing our company the Wet Noses way.”
“We have known Jasmine for several years and have watched her build this remarkable pet consumables business,” added David Cunningham, Co-Founder of VisioCap. “Wet Noses has a long history of producing its products at the highest levels of quality and safety. Premium attributes, such as human grade, organic, and non-GMO, matter deeply to today’s consumer and have been the cornerstone of this company for over 20 years. We are thrilled to be joining the Wet Nose’s team.”
The recapitalization of Wet Noses represents another successful transaction in the pet industry for Cascadia Capital and a continued demonstration of our experience in the consumables category. Recent Cascadia clients in this spaceinclude Phoenix Labs, ThunderWorks, R2P Pet, Kurgo, and Nulo.
For more information about this transaction, please contact the Cascadia Capital deal team: