Dane Creek Capital Corp. (DCCC) has entered into an agreement to acquire the non-manufacturing pet assets of Nature’s Way Canada.
Formerly known as Ascenta Health Limited, Dartmouth, Nova Scotia based Nature’s Way Canada, is the manufacturer of premium supplements for dogs and cats sold under the CanineOmega3™ and FelineOmega3™ brands. Both supplements are available online or via retailers in Canada and the United States. Nature’s Way bought Aviro Capital backed Ascenta in May 2016.
Under the terms of the agreement DCCC will acquire all current and future formulations of the CanineOmega3™ and FelineOmega3™ brands, all material contracts, customer lists and current inventories. Additionally, the two parties have entered into a six-year contract whereby Nature’s Way will continue to manufacture supplements for DCCC.
The purchase of these assets by DCCC will be completed via its wholly owned Nova Scotia-based holding company Dockside Investco. A new operating subsidiary will be created by DCCC to coincide with closing. No financial terms were released.
“We are excited to be making this announcement,” said Glen Tennison, President and CFO of DCCC. “Nature’s Way is well known for manufacturing high quality supplements for both people and pets. We look forward to working with them to create a wide range of supplements to meet the needs of health-conscious pet owners shopping online, in pet specialty retail stores and in mass retail and grocery stores.”
“Our partnership with DCCC will allow Nature’s Way to focus more closely on the development and manufacturing aspect of our business,” said Steve Chiasson, Vice President and General Manager of Nature’s Way Canada. “Our track record in human supplements speaks to our expertise in those areas and we look forward to bringing that to the expanding market for pet supplements.”
“In addition to the opportunities this opens up, this partnership is also about creating jobs in Nova Scotia and our commitment to the development of a pet industry hub in the province,” added Tennison. “Combining our distribution capabilities with Nature’s Way’s manufacturing excellence is a formula which will lead to a bigger business supporting more jobs.”
Mississauga, Ontario based Dane Creek Capital Corp. is a merchant bank with a focus on pet industry investments.
The new investment is DCCC’s third in the Province of Nova Scotia in the last nine months. The Company has earlier announced investments in Midgard Insect Farm Inc., an emerging leader in the cultivation and research of crickets and other insects for protein, and Dockside Pet Products Inc., the first pet treats and meal mixer manufacturer to exclusively use ‘rescued fresh food’ and sustainable ingredients.
The transaction which is subject to customary closing conditions is expected to be completed on or before September 30, 2017.