Adapted from a press release
Tropikal Pet, a Turkish producer of food for cats and dogs known for brands like Goody and Champion, has agreed to raise US$9 million with Eminova Holdings International. With the investment, the company plans to increase its capacity, double its existing export sales, add new products to its existing product range, reduce the increasing working capital purchase costs, operate at full capacity, and enter the U.S. market.
"Sales of pet foods are increasing more and more every year worldwide, as Tropikal Pet, we have signed a very important agreement in order to expand the Turkish market and to be able to take part in the U.S. market," said İzzet Saban, CEO of Tropikal Pet.
Investments in the brand will continue by increasing the advertising and marketing budget with the additional budget to be created, noted Saban.
As part of the agreement, Eminova Holdings International will work with its subsidiary Eminova Funding to support Tropikal Pet.
Tropikal Pet was established as an importer in 1999 with the Champion brand. In 2005, the company established the first dry cat/dog food factory in Türkiye launched and the Goody brand on the market. Today, the company has a 30,000-ton annual capacity at its factory in Tuzla, Instanbul.
