Varagon backs pet brand acquisition

Direct lending specialist Varagon Capital Partners led the debt financing for Alvarez & Marsal Capital Partners’ acquisition of BrightPet Nutrition Group, a premium pet food brand. Morgan Stanley Private Credit also served as joint lead arranger of the deal along with Varagon, which was also the administrative agent and joint bookrunner on a senior secured credit facility of an undisclosed amount to support the transition. BrightPet Nutrition Group was founded in 1962 by the Golladay family of Ohio. The company develops and manufactures co-pack, private label and branded premium and super premium pet food and treats. The company operates three complementary businesses – outsourced kibble manufacturing, outsourced treat manufacturing and a portfolio of company-owned premium pet food and treat brands, which include Blackwood, Adirondack and By Nature. Varagon has remained busy this year and served in a similar capacity in early September with a senior secured credit facility to support the acquisition of Sila Heating & Air Conditioning, by Astar Heating and Air LLC, which is based in Middletown, NY. With office locations in New York City, Fort Worth, Texas and Chicago, the $9.4 billion Varagon invests across the capital structure and offers flexible financing solutions to meet the needs of borrowers and private equity sponsors. At the end of 2019, the firm had made more than $14.7 billion of financing commitments to over 180 companies.

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