TA Associates Announces Partnership with PetPeople Founders Mike and Trish Elkind in Purchase of Interests from Rosser Capital Partners
BOSTON and WORTHINGTON, Ohio – TA Associates, a leading global growth private equity firm, today announced that it has completed a strategic growth investment in PetPeople, a pet retailer of natural and high-quality dog and cat foods, treats and supplies.
TA Associates has replaced former investor Rosser Capital Partners, which exited its stake in the company as part of the transaction. No financial terms of the transaction were disclosed.
PetPeople stores are operated by a passionate and dedicated group of pet lovers who are committed to carrying the finest pet foods available and building long-term relationships with their customers, associates, business partners and communities. Friendly and knowledgeable store associates are trained to help customers find foods and products to support the health and well-being of their pets. The company currently operates 42 locations in Ohio, Indiana, Michigan, Illinois and North Carolina, and plans to continue to expand its market presence.
“The store experience and strong culture that Mike and Trish have created represent everything they stand for as people and pet lovers, and we are excited to help them work to continue to expand what they have created,” said William D. Christ, a Managing Director at TA Associates who will join the company’s Board of Directors. “We have been impressed by the consistent level of passion and knowledge that is demonstrated in each store, and believe it is this quality of service that truly makes the PetPeople customer experience unique.”
“TA Associates is fully on board with our mission and core values, which revolve around relationships, trust, and the health and well-being of pets,” said Michael Elkind, Co-Founder of PetPeople. “With TA’s investment, we will be able to deploy resources with an aim to build our brand into new markets and further enhance the overall customer experience in our stores. We welcome TA as an investor and are eager to begin collaborating with their team as we build upon our momentum.”
“We are incredibly grateful for the support and trust of our team, vendors, business partners and customers,” said Trish Elkind, Co-Founder of PetPeople. “These strong relationships are the real reason for PetPeople’s success to date and we couldn’t be more excited for the opportunity to continue to build upon this foundation with TA Associates. With TA’s financial and operational support and experience, we believe we will have the ability to continue executing on key growth initiatives while providing our loyal customers with the meaningful and memorable store experience and high-quality pet products they have come to expect. We sincerely thank Rosser Capital Partners for their support and guidance over the years.”
“PetPeople has demonstrated an impressive track record of organic growth, doubling their number of stores since 2014 and entering several new geographies throughout the country,” said Jeffrey S. Barber, a Managing Director at TA Associates who will also join the company’s Board of Directors. “We are honored that PetPeople has selected TA to be their partner as the company looks to take advantage of, and capitalize on, distinct opportunities within the marketplace.”
Goodwin Procter LLP provided legal counsel to TA Associates and Piper Jaffray served as financial advisor to PetPeople.
PetPeople is a retailer of natural and high-quality pet food and supplies, operating 42 stores throughout Ohio, Indiana, Michigan, Illinois and North Carolina. PetPeople stores carry the finest natural pet foods on the market and are committed to providing outstanding customer service and building long-term relationships with their customers. PetPeople associates are pet enthusiasts who engage and educate customers by sharing ideas and providing solutions. For more information, please visit www.petpeoplestores.com.
About TA Associates
TA Associates is one of the largest and most experienced global growth private equity firms. Focused on five target industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in nearly 500 companies around the world. Comfortable as either a majority or minority investor, TA employs a long-term investing approach, utilizing its strategic resources to help management teams build lasting value in growth companies. TA has raised $24 billion in capital and is investing out of current funds of $7.25 billion. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.
About Rosser Capital Partners
Rosser Capital Partners is a growth equity investment firm focused on identifying emerging concepts and brands in the restaurant, retail and consumer industries. The firm seeks to partner with strong management teams who have demonstrated the skills, commitment and discipline to create shareholder value over time. Rosser Capital Partners supports its management teams by providing access to a wide network of strategic industry contacts, active lending institutions, consultants, and additional management and operational resources. Over the last 25-plus years, the principals of Rosser Capital Partners have completed 25 consumer transactions. www.rossercapitalpartners.com