IRVING, TX – Summit Partners and certain funds managed by Goldman Sachs Asset Management L.P. have acquired a majority stake in Animal Supply Company.
Financial terms of the deal were not disclosed.
In addition, Goldman Sachs and Summit “have provided significant operating and growth capital investment to support the execution of ASC’s strategic plan,” according to a press release.
“We are so appreciative of our independent pet retailers, vendors and employees for partnering with us on this journey, especially during this process,” said Don McIntyre, CEO of Animal Supply Company.
“Our team is excited to work with Goldman Sachs and Summit as we look to renew and transform our business. Together, we will take our Company to the next level in customer care, digital innovation and growth.”
Randy Reber, current chairman of the board and one of the original founders of ASC, has joined the new board of managers.
“I’m very excited for the future of Animal Supply Company and the opportunity to continue to work with Don and an outstanding management team,” Reber said.
“This transaction provides the financial and physical foundation upon which we can continue ‘Delivering Success’ to pet specialty independent retailers. This has always been our guiding principle from day one and will continue to be.”
Reber, along with certain other former owners of the company, will remain minority shareholders.