MidOcean Fund III Exits Freshpet
June 10, 2019
NEW YORK, June 10th, 2019 – MidOcean Partners (“MidOcean”), a premier U.S. middle market private equity firm focused on the business services and consumer sectors, announced today a complete exit of its remaining investment in Freshpet. Freshpet is the leading manufacturer and marketer of fresh, refrigerated foods for dogs and cats. Freshpet distributes these products through a network of proprietary Freshpet branded refrigeration units installed in store aisles.
MidOcean initially invested in Freshpet in 2010, when the MidOcean consumer team identified Freshpet as a “category changer”, introducing “fresh” pet food as a new concept succeeding dry and canned products, and an opportunity for outsized growth. Throughout its ownership, MidOcean provided support in building a new state-of-the-art manufacturing plant to meaningfully expand production, and drove significant investments in new product launches, branding, and marketing, including targeting media spending across TV, digital and social media channels to build awareness and drive product trial.
MidOcean’s investment in Freshpet was consistent with its strategy of identifying unique investment themes and leveraging its talented operating resources to recognize and acquire attractive investment opportunities on behalf of LPs.
“We are thrilled with the outcome of our investment in Freshpet,” commented Jonathan Marlow, Managing Director of MidOcean. “After detailed analysis of the pet sector, Freshpet was identified early on as an excellent transformative growth opportunity that aligned well with MidOcean’s significant industry knowledge and overall strategy. We are proud to have helped drive the transformational growth and development of the company that Freshpet has become today. We’d like to thank the management team for their tremendous efforts and great partnership during our investment.”
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Freshpet is a group of pet experts, nutritionists, and pet lovers dedicated to feeding pets the goodness of real, fresh food. Headquartered in Secaucus, New Jersey, Freshpet is the only U.S. manufacturer and marketer of fresh, refrigerated food for dogs and cats. Freshpet brands include Freshpet Select available at select grocery and mass market retailers, Deli Fresh and Vital available at select pet specialty stores, and Veterinary Nutrition available at select veterinarians.
In addition to its line of fresh ready to eat meals, Freshpet makes the first fresh refrigerated treats. Freshpet was founded in 2006 with a mission to elevate pets lives through fresh healthy and nutritious foods. Freshpet has grown to employ over 80 people around the country since 2006 with each employee having ownership. Additional information about Freshpet products, including a store locator, is available at www.freshpet.com.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager that specializes in middle market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has managed approximately $4.8 billion of committed capital and has targeted investments in high-quality middle market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages over $7.5 billion across a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts as of June 30, 2020.
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