Notts pet treat and toy manufacturer sold in £140m deal

Notts pet treats manufacturer Armitage Pet Care has been sold to Spectrum Brands in a deal which values the company at £140m.

Armitage’s brand portfolio includes the UK’s leading independent brand in dog treats, Good Boy, its newly launched brand in cat treats and toys, Meowee!, as well as Wafcol (dog food) and Wildbird (bird seed).

Spectrum Brands is a global consumer brands business, with a strong presence in the global pet care market, with leading brands in dog chews and treats, such as Smartbones.

The acquisition presents Armitage with the opportunity to benefit from Spectrum Brands’ existing infrastructure in the UK and Europe in order to help further accelerate Armitage’s growth.

Mark Andrews, Armitage CEO said: “Since acquiring Armitage, Rutland Partners have made a considerable investment in the business in order to position it to capitalise on the ongoing growth opportunities in pet care, and unlocking our ambition to make Armitage the UK’s leading pet treats and toys business.

“The partnership with Spectrum Brands will allow us to accelerate our growth plan not only in the UK, but also across continental Europe and beyond.”

Ben Slatter, from Rutland Partners, added: “Armitage has delivered consistent growth by developing on-trend premium natural products in a very attractive niche within the pet category. Rutland Partners have made considerable investment in the business and the management team since acquiring Armitage in 2017, and have worked closely with the team at Armitage to create a strong platform to fuel this growth. We wish Mark and the team all the best for the future and have no doubt that the business will go from strength to strength with Spectrum Brands.”

PwC’s corporate finance team acted as lead advisor to Rutland Partners and the management shareholders of Armitage.

The PwC team advising on the deal was led by Sarah Taylor, with support from Amit Aggarwal, Krushi Hindocha, David Isaacs, Chris Hobbs and Sam Webb. The core team was supported by the US PwC team, led by Trip Wolfe, with assistance from Steve El Osta and Tom Kendzie.

PwC also provided financial due diligence, led by Helen Ward and supported by Sophie Lewis, Olivia Whitham and Raju Hussain, tax due diligence led by Matthew Woolgar and supported by Claire Dyer and Zoe Boon, tax advice to management led by Richard Farnsworth and supported by Nathan Bunting and tax advice to Rutland led by Ben Smith and Peter Rivers.

Taylor said: “We’re delighted to have advised Rutland and the management team on this transaction, having previously advised on the sale of Armitage to Rutland in 2017. Armitage is a market-leading, award-winning business in an attractive sector and has achieved very strong growth under Rutland’s ownership, with an exceptional management team led by Mark Andrews. We look forward to seeing the business thrive as part of Spectrum Brands and wish the team the best of luck.”