Wellness Pet, a pet-food maker backed by private equity firm Clearlake Capital Group, is preparing to go public in the U.S. as soon as this year, according to people with knowledge of the matter.
The Tewksbury, Massachusetts-based company plans to seek more than $600 million in the initial public offering the people said, asking not to be identified discussing private information. The company could be valued at around $2.5 billion in the transaction, one of the people said.
Wellness Pet is working with Goldman Sachs Group Inc., Morgan Stanley and Bank of America Corp. on the IPO, the people said. Deliberations are ongoing and the timing could change, they added.
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Representatives for Wellness Pet didn’t respond to requests for comment. Representatives for Clearlake, Goldman Sachs, Morgan Stanley and Bank of America declined to comment.
With three production facilities in the U.S. and the Netherlands, Wellness Pet makes pet food and treats under brands including Wellness, Whimzees, Old Mother Hubbard, Sojos and Eagle Pack, according to its website. The company’s traces its origin back to 1926 to a bakery in Gloucester, Massachusetts.
Clearlake acquired the company for an undisclosed amount in 2020, according to a statement. It changed its name from WellPet in December.
Source: Yahoo Finance
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