Natural Balance and Canidae to Combine, Establishing a New Leading Specialty Pet Food Platform

UPLAND, Calif. and STAMFORD, Conn., March 21, 2023 /PRNewswire/ -- Natural Balance, a leading premium specialty pet food brand, and Canidae, a premium, sustainable pet food company, announced today that they have entered into a definitive merger agreement under which the companies will combine. The combination unites two renowned specialty pet food brands with complementary yet differentiated offerings to drive innovation and growth for the benefit of pet parents everywhere. Terms of the transaction were not disclosed.

For more than 30 years, Natural Balance has offered premium products with high-quality, protein-forward ingredients spanning dog food, cat food, and treats. Similarly, since its founding 25 years ago, Canidae has a rich history in the pet food space, offering both dog and cat food products with a focus on goodness for pets and the planet through regenerative agriculture and sustainable operations. The combination will leverage both companies' shared passion for improving the well-being and lives of pets through simple nutrition, responsibly sourced ingredients, and protein-rich products. The combined company's flagship offerings will include Canidae's Pure, Goodness, and All Life Stages, as well as Natural Balance's Limited Ingredient (LI) and Original Ultra product lines.

As part of the transaction, L Catterton, a leading global consumer-focused investment firm and majority shareholder of Canidae, and Nexus Capital Management, an alternative asset investment company and majority shareholder of Natural Balance, are each contributing new growth capital to support the successful integration and strategic long-term expansion of the combined company.

Andrew Taub and Matt Lischick, Managing Partner and Partner at L Catterton, said, "Both Canidae and Natural Balance have rich legacies, solid brand recognition, and strong consumer affinity, and this combination allows us to build on the strengths of each company. As a combined company, we will be able to streamline manufacturing capabilities, invest in product innovation, and build on each company's partnerships with key pet retailers. We are excited to leverage our deep experience investing in the pet category to position our new platform as a leading provider of premium pet food."

Damian Giangiacomo and Jonathan Whitlock, Partner and Managing Director at Nexus Capital, added, "Natural Balance has a proven position as a pioneer in the premium specialty pet food industry, and we are confident that Canidae is the ideal partner to enhance and accelerate the brand's strategic growth following the past two years as a stand-alone business. Together, we will create high-quality products anchored around premium, limited ingredient formulas, and benefit from enhanced scale and a talented workforce. Natural Balance and Canidae share a commitment to nurturing the health of both our pets and our planet and we look forward to offering even greater choice and value to our customers."

About Natural Balance

Natural Balance is a leading premium pet food brand specializing in high-quality dog and cat food products sold exclusively through the pet specialty and ecommerce channels. Natural Balance has a 30+ year history in premium formulations and was a pioneer of limited ingredient diets.

For more information on Natural Balance, please visit www.naturalbalanceinc.com.

About Canidae Pet Food Company

From the first truckload of food delivered to the latest batch of pet food cooked in their Pet Nutrition plant in Brownwood, Texas, Canidae's story is one to be proud of. Canidae^® was founded in 1996 by two pet owners who knew they could make pet food better. Better nutrients. Better flavor. Better for our dogs and cats and better for us all. They've been committed to quality ever since. That commitment is upheld today in more than just their nutrient-rich, premium pet food. It inspires everything they do, from the land they harvest and the farmers they work with, to the people they employ and the local pet food stores they partner with. All of Canidae's products are vet-reviewed high-quality and perfectly balanced for optimal health at an affordable price point with no fillers, artificial flavors or artificial preservatives. Canidae is partnering with US farmers and green technology companies to bring new, sustainable practices to pet food including lowering pesticide use, reducing runoff and adopting regenerative farming practices.

For more information on Canidae, please visit www.canidae.com.

About L Catterton

L Catterton is a market-leading consumer-focused investment firm, managing approximately $33 billion of capital across three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton's team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 250 investments in some of the world's most iconic consumer brands. For more information about L Catterton, please visit www.lcatterton.com.

About Nexus Capital Management LP

Nexus is an alternative asset investment management company based in Los Angeles, California that was founded in 2013. Nexus employs a flexible investment mandate that focuses on long-term value creation by partnering with leading management teams and businesses. Nexus invests across the consumer, education, business services and industrials sectors. The firm prides itself on being a flexible, creative investor and a reliable, transparent partner to companies and management teams. 

For more information on Nexus, please visit www.nexuslp.com.

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Julie Hamilton 
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SOURCE Natural Balance; Canidae