Westminster Pet Productsa developer and marketer of pet treats and products, is in the final stages of the sales process through William Blairaccording to three sources familiar with the matter.
Westminster based in Cumberland, Rhode Island is owned by AUA Private Equity Partners and has an EBITDA of around USD 12m, sources said. Second-round bids were collected in early May, according to one of the sources.
Three of the sources said the company was looking for a valuation in the high single digits of EBITDA, with two of them saying the bids came in around 8x-9x EBITDA.
While the pet consumables (eg, food and treats) market remains robust, one of the sources noted a softening of the pet products sector, which received a significant tailwind during the COVID-19 period, but now it has weakened.
Westminster sells more than 600 products, including chews, treats, toys, waste management, collars, leashes and other accessories, according to its website. Its brands include Chomp’ems, Healthfuls, Ruffin’ it, Pet ‘n Shape, Lil’ Squirts and Perfect Pet.
AUA announced its acquisition of Westminster in September 2020 for undisclosed terms. Later that month, the company announced the acquisition of Pet ‘n Shape.
Westminster Pet, William Blair and AUA did not respond to requests for comment.
