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.