Siena Lending Group, a provider of asset-based credit solutions, served as administrative and co-collateral agent on a $175 million senior secured credit facility for Phillips Pet Food and Supplies, supporting the refinancing of existing debt and the acquisition of assets from Central Garden & Pet. Siena Lending Group will be holding $105 million of the facility.
The credit facility was used to refinance existing indebtedness and support Phillips’ acquisition of certain assets from Central Garden and Pet.
“We’re very excited about the opportunities created by the Phillips and Central joint venture and the strong platform it establishes for future growth” Grant Mitchell, deputy CIO of Axar, said. “Siena was a thoughtful and constructive partner throughout the process. Their team was pragmatic and easy to work with, bringing a solutions-driven mindset to our transaction. We appreciated their flexibility in structuring the financing around our needs and look forward to continuing the partnership.”
David Landis, chief financial officer of Phillips, said, “This transaction represents a strategic milestone for the Phillips organization. We selected Siena Lending Group as our financing partner to support our new joint venture in the pet distribution sector due to their ability to structure a facility that provides the liquidity and operational flexibility to scale the business and capitalize on growth opportunities in this highly dynamic market. Their team was highly collaborative, flexible and responsive to the requirements of the transaction and reinforced our confidence in them as a long-term partner.”
Nick Payne, senior managing director at Siena, added, “We are thrilled to support Phillips’ acquisition of Central’s pet distribution business. We’re also thankful for this opportunity to partner with Axar and deliver a customized capital solution that supports their unique needs and ushers in a new chapter for a historic business in the pet food and supplies segment.”
