Phillips Pet Food & Supplies is reportedly in talks with potential buyers to sell the distribution company in a deal that could be worth nearly US$600 million.
The family owned company recently hired Harris Williams to seek out buyers, according to sources. The company, based in Easton, Pennsylvania, USA, has nearly US$60 million in annual earnings before tax, interest, depreciation and amortization, and may be looking to sell the company for an amount 10 times its annual earnings.
The company builds on its boutique business with three new lines for pet stores, including baked dog food and treats
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The mid-year meeting addressed several regulatory matters affecting petfoods
Committees discussed key proposals such as a possible shift in the oversight of animal feeds
It gives more direct control to CVM in establishing and maintaining ingredient definitions
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