NEW YORK — Tropikal Pet AS, a Turkish pet food producer, shared on March 4 that it has established a $9 million financing agreement with Eminova Holdings International. The company will use the funds to increase its production capacity and enter the US pet food market.
Founded in 1999, Tropikal Pet originally started as an importer for international pet care brands, and later expanded to become the first domestic pet food producer in Turkey in 2005, according to the company. The company’s brands include Champion, which offers wet and dry products for dogs, cats and birds; and Goody, which offers products for dogs and cats. It currently operates a factory in Tuzla, Istanbul, with an annual capacity of 30,000 tons.
Source: Tropical Pet AS
The fund will be raised through a capital raising agreement. Tropikal Pet plans to use the funds to increase its production capacity, double current export sales by expanding into the United States, expand its current portfolio with new products, reduce purchasing costs of capital, and operate at full capacity. The company will allocate other investments to increase its advertising and marketing budget.
As part of the agreement, Eminova Holdings International will work with its subsidiary Eminova Funding to support Tropikal Pet.
“Sales of pet foods are increasing more and more every year around the world,” said İzzet Saban, chief executive officer of Tropikal Pet. “… We signed a very important capital raising agreement to expand the Turkish market and to participate in the US market. I would like to thank Eminova Holdings International for this cooperation.”
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