Rutland Partners has exited Armitage Pet Care to Spectrum Brands Holdings, Inc., realising a return of 5.7x. Armitage Pet Care is a supplier of branded pet treats and toys in the UK, trading mainly through the Good Boy brand of the dog treats.
Rutland acquired Armitage Pet Care in September 2017 and have since grown sales by 50% to over £65m, with the Good Boy brand securing a spot in the UK’s top 100 grocery challenger brands.
Ben Slatter, Partner at Rutland, said: “We are delighted with this very strong outcome for our investors in Rutland Fund III. Armitage has delivered consistent growth by developing on-trend premium natural products in a very attractive niche within the pet category. We worked closely with the team at Armitage to provide everything the business required to create a strong platform to fuel this growth. We wish Mark and the team all the best for the future.”
Mark Andrews, CEO of Armitage, added: “I’d like to thank Rutland for their partnership and support over the last three years. Together we have achieved a total transformation of Armitage and it has been a pleasure to work with them. Looking forward we are extremely well placed to continue to grow our brands and build on our market leading position.”
