Pet Flavors, LLC, a producer of pharmaceutical-grade flavor bases and palatants used in chewable pharmaceuticals for pets, and Bessemer Investors LLC, a New York-based investment firm, confirmed that Bessemer’s significant investment in Pet Flavors. Bessemer is partnering with the Pet Flavors founder, Mark Pieloch, who will remain in his current position. Financial terms of the transaction were not disclosed.
Bessemer intends to establish Pet Flavors as its platform investment in the companion animal health industry.
Founded in 1990, Pet Flavors is based in Melbourne, Florida and provides flavor bases used in pharmaceutical and nutraceutical products for pets. The ingredients are locally-made and sourced from the United States, as well as tested by independent U.S.-based FDA/USDA approved laboratories to ensure that all physical, chemical and microbiological specifications are met and stability testing is consistently updated.
Pet Flavors' palatants are utilized by top animal health drug manufacturers in their FDA-approved pet medications. In addition to its PC-0125 artificial beef product, the company offers a variety of other flavors, including hypoallergenic and vegan base flavor.
Capitalmind served as M&A advisor to Pet Flavors, while Greenberg Traurig, LLP served as legal counsel. Lincoln International served as advisor to Bessemer Investors, while Akin Gump Strauss Hauer & Feld LLP served as legal counsel. BMO is leading the debt financing for the transaction.
Pieloch said, “We are very pleased to be partnering with Bessemer as we move toward the next stage in our growth. The Bessemer team is aligned with our values, and we believe their long-term and flexible approach will help us expand into additional products while continuing to strengthen our alliances with pharmaceutical and nutraceutical companies all over the world. We are proud of our role in keeping pets healthy and their owners happy.”
Andrew Mendelsohn, principal at Bessemer, said, "Pet parents want the experience of giving their pets medication to be as seamless as possible, which makes flavoring a key component of that relationship. Pet Flavors' commitment to quality and execution as well as its strong relationships with top animal health and supplement companies have helped it establish a reputation as the leading manufacturer of flavor bases. We are excited to team with Mark and the Company to build on their 30-year history of market leadership, innovation and partnership with the leading global animal health companies."