Velcro Companies has acquired a minority stake in Hertfordshire-based pet product company, Petface Ltd. The agreement will add further momentum to the company’s global consumer business and supplements its innovative product development capabilities. Established in 2011, Petface has over 3,000 products across the dog, cat, small pet and wild bird categories.
Mark Sater, vice president of Strategic Execution for Velcro Companies, said: “This new shared venture with Petface represents another strategic step in building our presence in growth markets, and we are enthusiastic about the significant further potential for Petface to develop and deliver innovative products and expand globally.
“This agreement reflects our commitment to create a powerful global consumer business by developing new products and leveraging the strong consumer awareness of the VELCRO® brand. With a heritage of innovation and a passion for great product design, Petface is an ideal partner to help us realize this goal.”
Peter Johnson, chief executive officer of Petface, said: “The investment by Velcro Companies represents a resounding endorsement of our success to date and acceptance of our commitment and enthusiasm towards pets and pet owners.
“We are looking forward to working with their development teams, and both businesses are dedicated to the details that make products functional, durable and easy to use. This significant investment aligns the business and gives Petface the perfect platform to grow internationally.”
The existing Petface management team will remain in place. Other financial terms were not disclosed.