Investment firm Lafayette Square provided debt financing to support the acquisition-focused growth strategy of Best Friends Pet Care, a pet service provider in the U.S. that offers boarding, grooming, training and doggy day camps.
Founded in 1995 and headquartered in Norwalk, CT, Best Friends Pet Care provides pet care services across 39 locations in more than 18 states, including its flagship Disney World location. The company is owned in part by its employees through an employee stock ownership plan.
“The U.S. pet services industry is large and attractive, and Best Friends stands out within it for its experienced leadership team and track record of revenue growth, successful acquisitions and resilience through various market cycles,” Vishnu Amin, director at Lafayette Square, said. “We are proud to work with companies like Best Friends that share our values of stimulating economic growth and providing good jobs to working class people across the U.S.”
“The support of Lafayette Square comes at an important time in our growth strategy as we evaluate additional acquisition opportunities to bring our world-class services to more pet parents across the United States,” Jared Pinsker, CEO of Best Friends Pet Care, said. “Especially as pet adoption rates have increased over the past few years, pets have become an integral part of the family. With more of them in more homes than ever before, we see tremendous potential in the years ahead.”
In addition to financing, Lafayette Square offers its portfolio companies access to Worker Solutions, a platform that seeks to improve employee retention, well-being and productivity by connecting management teams to a curated list of third-party service providers that offer nontraditional benefits for employees.
