Hong Kong-based Health & Happiness Group International Holdings Ltd. has acquired Solid Gold Pet in a $163 million deal.
Founded in 1974, Solid Gold is a St. Louis-based holistic pet nutrition company with revenue of $55 million a year. Its core markets are the U.S. and China.
With the acquisition, H&H Group establishes pet nutrition and care as a third major business segment. Its other segments are adult nutrition and care and baby nutrition and care.
“The combination of Solid Gold’s attributes and brand reputation in the US premium pet food market, along with the growing demand for pet nutrition globally — driven by the rapidly increasing pet population and the trend in humanization of pets, makes this a very compelling opportunity for the Group,” said Laetitia Garnier, CEO of H&H Group.
“Entering into Pet nutrition and care is a natural move for H&H where we recognise the
importance and the role that pets play in the lives of modern families around the world,” she continued. “The same consumers who care about their own health and wellness also care about that of their families and friends. As pets are very much a part of that family and treated more and more like humans, pet owners attach a growing importance to the wellbeing of their pets including their nutrition choices.”
Julie Barron, CEO of Solid Gold, said, “We are delighted to be working with H&H Group to further realise Solid Gold’s vision of positively impacting the lives of pets around the globe. This acquisition creates a greater opportunity for us at Solid Gold to bring transformative nutrition to pets worldwide. Our values and passion for pet holistic health are perfectly aligned with H&H Group’s mission of health and happiness for all.”