CHARLOTTE, NC. — Leading national pet products distributor, Phillips Pet Food & Supplies, announced Nov. 13 it has acquired $20 million in capital investments from existing investors as part of its “comprehensive refinancing” efforts.
The distributor also shared an expanded revolving credit facility led by Wells Fargo Bank to increase the company’s liquidity. These combined announcements are expected to enhance Phillips’ financial structure and optimize its growth with retail and brand partners across the United States.
“These transactions provide substantial financial capacity and materially reduce our debt, allowing us to invest aggressively in our future,” said Todd Shelton, president and chief executive officer of Phillips Pet Food & Supplies.
Additionally, Blaine Phillips has been reappointed to chairman of the company to see Phillips through its next phases of growth.
“We are excited to have Blaine’s vision, passion, and pet specialty experience helping guide our work to accelerate growth for retailers, brand partners and associates,” Shelton said.
This follows news that Phillips and Animal Supply Company (ASC), another leading pet product distributor in the United States, called it quits on their merger deal first announced in February 2020. The deal was canceled in late August, shortly after ASC announced it raised $40 million in capital from its own investor group.
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