Pet Humanization Attracts PE Investors

Clearlake Capital Group is buying the Wellness Pet Food Holdings Co. from Berwind Corp. The target is known for making pet food and treats under the Wellness, Old Mother Hubbard, Whimzees, Eagle Pack, Holistic Select and Sojos brands.

“We believe the current market tailwinds, enduring increase in pet ownership, and pet humanization dynamics offer a unique opportunity to meaningfully invest behind the company and accelerate WellPet’s near- and long-term growth objectives to serve pet parents in the best possible ways,” says Clearlake co-founder José E. Feliciano.

Demand for pet supplies is soaring during the pandemic. Consumers continue to spend more money on their pets, even while cutting back in other areas, and are treating pets as family members. The Carlyle Group (Nasdaq: CG) recently bought a majority stake in Manna Pro Products from Morgan Stanley Capital Partners.