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CENT Central Garden and Pet Co

38.90
0.84 (2.21%)
Last Updated: 15:39:16
Delayed by 15 minutes
Share Name Share Symbol Market Type
Central Garden and Pet Co NASDAQ:CENT NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.84 2.21% 38.90 38.87 39.05 39.19 38.17 38.17 10,413 15:39:16

Central Garden & Pet Agrees to Acquire Breeder's Choice Pet Foods Inc.; Leading Brands in Premium Food Category for Dogs and Cat

23/02/2006 1:00pm

Business Wire


Central Garden and Pet (NASDAQ:CENT)
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Central Garden & Pet Company (NASDAQ:CENT) today announced that it has agreed to acquire the assets of Breeder's Choice Pet Foods Inc., for approximately $25 million. Family owned since 1947 and based in Irwindale, California, Breeder's Choice is a leading branded marketer and manufacturer of premium all natural, healthy dog and cat food sold exclusively in the pet specialty channel under the brands AvoDerm(R), Pinnacle(R), Active Care(R) and Advanced Pet Diets(R). "The acquisition of Breeder's Choice complements our animal health and nutrition strategy," noted Glenn Novotny, President and Chief Executive Officer of Central Garden & Pet. "Breeder's Choice premium and super premium pet foods are formulated for dogs and cats to promote longer and healthier lives with all natural and nutritious ingredients. Breeder's specialty foods also include skin and coat formulas, holistic and allergen-free formulas and hip and joint formulas." In 2005, Breeder's Choice generated net sales of approximately $30 million. The acquisition is expected to contribute approximately 2 cents per fully diluted share to earnings for fiscal 2006. The acquisition is within Central's previously stated acquisition criteria of 5-to-7 times trailing operating earnings. "Breeder's Choice has long been an industry leader developing innovative, natural, high quality food and nutrition products for dogs and cats and strategically fits within our stated 'String of Pearls' acquisition criteria," concluded Mr. Novotny. "With Breeder's Choice, together with our Nylabone and Wellmark brands, and the pending Farnam acquisition, we are building a leading portfolio of products that promote health and improved life expectancy for companion animals. We are delighted to have Rick Taylor, CEO of Breeder's Choice, and his team of dedicated employees join the Central Garden & Pet family of companies and drive Breeder's Choice to new levels of success." Central Garden & Pet Company is a leading innovator, marketer and producer of quality branded products for the pet and lawn and garden supplies markets. Our pet products include pet bird and small animal food, aquarium products, flea, tick, mosquito and other pest control products, edible bones, cages, carriers, pet books, and other dog, cat, reptile and small animal products. These products are sold under a number of brand names, including Kaytee, SuperPet, All-Glass Aquarium, Oceanic, Kent Marine, Energy Savers Unlimited, Zodiac, Pre-Strike, Altosid, Nylabone, TFH, Four Paws and Interpet. Our lawn and garden products include grass seed, wild bird food, weed and insect control products, and decorative outdoor patio products. These products are sold under a number of brand names, including Pennington, Norcal Pottery, New England Pottery, GKI/Bethlehem Lighting, Lilly Miller, Matthews Four Seasons, Cedar Works, AMDRO, Grant's, Sevin and Over'n Out. For additional information on Central Garden & Pet, including access to the Company's SEC filings, please visit the Company's website at http://www.central.com/. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts, including future earnings guidance, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks are described in the Company's Securities and Exchange Commission filings. Central undertakes no obligation to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise.

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