CPE News (2/12/2019) – Chrysalis Acquisition Fund I LP and Chrysalis management team have acquired a majority interest in Phoenix Imports Inc. from shareholders including founder Shaun White.
Operating through two brands, Open Range and Exeter Farms, Surrey, BC based Phoenix Imports is an importer and distributor of premium, all natural, single ingredient meat and bone dog treats currently sold at over 1,000 specialty pet retailers across Canada.
MNP Corporate Finance Inc. acted as the exclusive financial advisor to Phoenix Imports Inc.
photo credit:Phoenix Imports
Chrysalis Acquires Phoenix Imports Inc.
CALGARY, Alberta and SURREY, British Columbia, Feb. 12, 2019 (GLOBE NEWSWIRE) — Chrysalis Acquisition Partners Inc., a Calgary-based private equity firm, is pleased to announce the successful acquisition of a majority equity ownership interest in Phoenix Imports Inc. by Chrysalis Acquisition Fund I Limited Partners and the Chrysalis management team.
Headquartered in Surrey, British Columbia, Phoenix Imports is a highly-regarded importer and distributor of premium, all natural, single ingredient meat and bone dog treats currently sold at over 1,000 specialty pet retailers across Canada. Through its two brands, Open Range and Exeter Farms, Phoenix offers a diverse line of long-lasting dog treats derived from a variety of high quality dehydrated and cured animal bases, including beef, lamb, goat, yak, pork, water buffalo and kangaroo, that exceed the standards set forth by the Canadian Food Inspection Agency and US Food and Drug Administration. All of Phoenix’s suppliers raise their animals on grass and are free of hormones, antibiotics, steroids and preservatives.
“We are very pleased to align our ownership interest and talented management team with Chrysalis and its investment partners,” commented Shaun White, Founder and President of Phoenix Imports. “With the added benefit of Chrysalis’ extensive business experience and resources, we are highly confident that Phoenix Imports will continue to build on its solid foundation of success to date and capitalize on the tremendous growth opportunities represented by the highly robust North American pet supply market and the rapidly growing neighbourhood pet retailer niche in particular,” added Mr. White.
“We were very impressed by Phoenix Imports’ highly attractive business fundamentals as well as its strong market reputation as a dependable supplier of premium grade all-natural dog treats to the Canadian pet industry,” said Glenn N. Huber, Founder & Managing Director of Chrysalis Acquisition Partners Inc. and newly appointed Chairman of Phoenix Imports. “In addition, we believe the Open Range and Exeter products align extremely well with a number of rapidly evolving North American pet owner trends, including a strong disposition towards purchasing healthy, all-natural dog treats from knowledgeable neighbourhood pet stores and specialty pet retailers. As a result, we believe that Phoenix Imports is ideally positioned for significant growth in Canada and the United States and are delighted to add this dynamic company to our growing portfolio of high-quality businesses.”
ABOUT PHOENIX IMPORTS INC.
Phoenix Imports Inc., based in Surrey, British Columbia, is an industry-leading provider of all natural, single ingredient meat and bone dog treats that are sourced from a diverse network of global suppliers that raise their animals free of hormones, antibiotics, steroids and preservatives. Through its Open Range and Exeter Farm brands, Phoenix is a premier supplier of its high-quality dog treat products to more than 1,000 neighbourhood pet stores and specialty pet retailers across Canada.
ABOUT CHRYSALIS ACQUISITION PARTNERS INC. and CHRYSALIS ACQUISITION FUND I
Chrysalis Acquisition Partners Inc., a Calgary, Alberta-based private equity firm manages the Chrysalis Acquisition Fund I which is specifically focused on acquiring majority equity ownership positions and facilitating ownership transition for fundamentally-strong small-to-medium-sized enterprises (SMEs) based in Western Canada. Chrysalis seeks to unlock latent value and maximize returns to investors through collaborative alignment with talented SME management teams.
Glenn N. Huber, Founder & Managing Director
Chrysalis Acquisitions Partners Inc.