Wells Fargo expanded a revolving credit facility for Phillips Pet Food & Supplies, a distributor of pet food and supplies. The company also completed a comprehensive refinancing, which included more than $20 million of new investment capital from existing investors.
Both transactions closed on Nov. 13 and provide Phillips with an efficient financial structure to fund future growth with retail and brand partners.
In connection with the refinancing, the company also welcomed Blaine Phillips to the investor group, and appointed him chairman of the company.
“These transactions provide substantial financial capacity and materially reduce our debt, allowing us to invest aggressively in our future,” Todd Shelton, president and CEO of Phillips Pet Food & Supplies, said. “We are excited to have Blaine’s vision, passion and pet specialty experience helping guide our work to accelerate growth for retailers, brand partners and associates.”
