NEW YORK — After signing a definitive agreement to purchase Halo, Purely for Pets on Oct. 16, Better Choice Company has closed on the acquisition. The deal is worth approximately $46.9 million, of which $23.5 million will be paid in cash, $15 million in junior subordinated purchaser notes, and $8.5 million in common equity, according to Better Choice.

Better Choice Company, a CBD company focused on animal health and wellness, also announced it has accepted $28 million in financing as part of the deal.

Following the acquisition, Halo CEO Werner Von Pein and Chief Strategy Officer Rob Sauermann will continue to lead operations of Halo. They will also work to grow e-commerce distribution, explore expansion opportunities in the Food, Drug and Mass (FDM) channel, and maintain international revenues.

“Rob, myself and the rest of the Halo team are eager to join Better Choice in our shared mission to provide better health options for animals,” Pein said. “As part of Better Choice, we will focus on expanding our company’s footprint providing a greater reach of our quality holistic pet foods.”

The acquisition is expected to broaden Better Choice’s direct-to-consumer premium pet offerings, which currently include TruDog and TruCat, Orapup and Rawgo brands, as well as several hemp-based products.

“We are pleased to close on our financing and welcome Halo to the Better Choice portfolio of premium animal health and wellness brands,” said Damian Dalla-Longa, CEO of Better Choice. “Halo will add to our existing consumer product goods portfolio a global, e-commerce presence as well as operational, financial and commercial synergies. The addition of Werner and Rob will add depth to our team and provide us invaluable strategy and insight going forward.”

Halo has 30 years in the pet market under its belt and boasts a highly diversified portfolio of pet nutrition products, including a vegan dog food. According to Better Choice, e-commerce is the largest and fastest-growing distribution channel for Halo. The brand also appears in leading brick-and-mortar retail locations across the US, such as Petco and PetSmart.

Better Choice is a portfolio company of premium pet brands, including hemp and CBD supplements, with a mission to “provide clean, holistic and nutritional options for consumers who want to bring their own healthier lifestyle to their pets,” according to the company’s website.

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