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Dog Chew Maker With $75M in Revenue to Be Acquired

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The deal will be completed this month.

MIDDLETON, WI  Spectrum Brands Holdings Inc. is acquiring PetMatrix LLC, a maker of rawhide-free dog chews.

Financial terms of the deal were not disclosed.

Spectrum Brands (NYSE: SPB) is a global consumer product company.

“PetMatrix will immediately strengthen our pet care portfolio with its well-established and growing brands catering to healthy alternative pet trends,” Andreas Rouvé, CEO of Spectrum Brands, said in a press release. “We expect it to further solidify Spectrum Brands as a leader in the North American dog chews category and to provide compelling white space revenue opportunities in Europe, Latin America and Asia.”

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PetMatrix, which is on pace for about $75 million in sales this year, has two flagship brands: DreamBone and SmartBones. Its products are sold to mass merchandisers, food and drug stores, and pet specialty stores.

PetMatrix “benefits from a strong patent portfolio and has a robust pipeline of new products expected to drive future growth and product portfolio diversification opportunities,” according to the release. It is owned by Mark Stern, an affiliate of Friend Skoler & Co., and members of management.

“The PetMatrix team and I are excited to join Spectrum Brands,” said Stern, founder and CEO of PetMatrix. “This partnership will bring additional resources to our company and allow us to execute our plans for continued growth in the coming years.”

The acquisition, which has been approved by Spectrum Brands’ board of directors, is expected to close by the end of May and is subject to customary closing conditions.

RBC Capital Markets is serving as financial adviser and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal adviser to Spectrum Brands. J.P. Morgan and Friend Skoler & Co. are serving as financial advisers and Goodwin Procter LLP is serving as legal adviser to PetMatrix.

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