Excerpted from a press release
Tropikal Pet, a Turkish producer of food for cats and dogs known for brands such as Goody and Champion, has agreed to raise US$9 million with Eminova Holdings International. With the investment, the company plans to increase its capacity, double the current export sales, add new products to its existing product range, reduce the increase in working capital purchase costs, operate at full capacity, and entered the US market.
“Sales of pet foods are increasing more and more every year around the world, as Tropikal Pet, we signed a very important agreement to expand the Turkish market and to participate in the US market,” said by İzzet Saban, CEO of Tropikal Pet.
Investments in the brand will continue through increased advertising and marketing budgets with additional budgets to be made, Saban said.
As part of the agreement, Eminova Holdings International will work with its subsidiary Eminova Funding to support Tropikal Pet.
Tropikal Pet was established as an importer in 1999 under the Champion brand. In 2005, the company established the first dry cat/dog food factory in Türkiye and launched the Goody brand in the market. Today, the company has a 30,000-ton annual capacity at its factory in Tuzla, Istanbul.
