Texas-based pet-food company Nulo has come under new majority ownership following a buy-out of existing investors by private-equity firm Apax Partners.
Apax confirmed the deal closed this month after it bought out Cavu Venture Partners in New York and Main Post Partners in San Francisco. Financial terms have not been disclosed.
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Founded in 2010 in Austin, Texas, Nulo manufactures pet foods and treats for cats and dogs incorporating animal-based proteins. The products are low in carbohydrates and contain “functional ingredients such as human-grade probiotics that support overall immune and digestive health”.
The products are sold into retail across North America and online.
Cavu invested US$9.5m in Nulo in 2016 and attracted an undisclosed investment from Main Post two years later. The individual stakes taken in the business were not revealed.
Under Apax’s wing, Nulo plans to expand internationally and accelerate growth. While a spokesperson for Apax confirmed it had taken a majority stake in the company, Just Food is clarifying what new markets the pet-food business plans to target and its current revenues.
Michael Landa, the CEO at Nulo, said in a statement: “We’re excited to partner with the Apax Funds, who have the experience and know-how to help us in our next phase of growth. Since its retail launch in 2011, Nulo has rapidly grown into one of the most authentic and differentiated consumer brands in the premium pet-food space.
“With the support of the Apax Funds, we believe we can achieve our ambitious growth plans, offering our innovative food products to more pet-parents, in more locations around the world.”
Nick Hartman, a partner at Apax, added: “Nulo is a true pioneer when it comes to delivering high quality, nutritious pet foods and we have long been impressed by the company’s exceptional product offering, which we believe is unrivalled in the market.”
