Better Choice Company Inc., an animal health and wellness CBD company, announced the closing of its previously announced acquisition of holistic pet foods leader Halo, Purely for Pets® (“Halo®”) and $28 million (€25 million) financing.
Halo is a premium, natural pet food brand with a rich 30-year operating history. Halo’s products consist of a diversified dog and cat portfolio, derived from real whole meat and no rendered meat meal, which is highly digestible due to use of real whole protein.
E-commerce is Halo’s largest and fastest growing distribution channel complimenting its brick and mortar presence in leading U.S. retail outlets, including PetSmart and Petco®.
The Halo acquisition is complimentary to the animal health and wellness strategy of Better Choice with its existing brands that include direct-to-consumer premium dehydrated raw pet food through TruDog, Orapup, TruCat and Rawgo as well as hemp-derived CBD pet products.
As part of the transaction Halo Chief Executive Officer, Werner Von Pein, and Chief Strategy Officer, Rob Sauermann, will remain part of the team to lead the operations of this subsidiary, continue to grow distribution via e-commerce, explore Food/Drug/Mass channel expansion opportunities and maintain revenue internationally.
Total consideration for the Halo acquisition is approximately $46.9 million comprised of $23.5 million in cash, $15.0 million in junior subordinated purchaser notes and $8.5 million of common equity.