Irving Capital’s Pet Supplies Plus Acquires Largest Franchisee
Pet Supplies Plus (PSP) announced that it has completed the acquisition of its largest franchisee, consisting of 12 stores in Northeast Pennsylvania. PSP, a portfolio company of Irving Place Capital, is the third-largest pet specialty retailer in the United States.
PSP’s Northeast Pennsylvania franchisee opened its first store in Wilkes-Barre in 1995. Over the past 16 years, the group has expanded to 12 successful stores in the region.
Dave Bolen, CEO of Pet Supplies Plus, said, “Our Northeast Pennsylvania franchisee is not only the largest in our system, but is also one of the best-managed franchise operations. We are looking forward to building on the success of these stores as we expand our footprint in the region. Most importantly, we will work toward maintaining the high levels of service, differentiated product offering and competitive pricing that make Pet Supplies Plus everyone’s favorite neighborhood pet store.”
Dave McQueen and Andy Monas, co-owners of the Northeast Pennsylvania franchised group, said, “We have spent over 16 years as members of the PSP family, culminating in the successful sale of our business to PSP. Over the years, we have developed the utmost respect for the operating practices and professional values of the PSP team. We have every confidence that the stores we have built will continue to prosper under PSP’s leadership.”
PSP was acquired by Irving Place Capital in September 2010, and is headquartered in Farmington Hills, Michigan.
Irving Place Capital is a middle-market private equity firm that invests in compelling buyouts, recapitalizations and growth capital opportunities.