Irving Place Capital recently announced its agreement to acquire Pet Supplies “Plus” (PSP), a pet specialty retailer in the US. Irving Place Capital will be investing in partnership with PSP’s CEO Harvey Solway, COO Dominic Buccellato and CFO Richard Valade. The transaction is expected to close in the third quarter of 2010.
Founded in 1988, PSP operates 240 franchised stores in 22 states, primarily in the Midwest, Southeast and Northeast. Following the transaction, 92 stores will be converted to company-operated stores, with the remaining stores continuing as franchises. The transaction will also include the acquisition of a captive distribution business that supplies petfood and other products exclusively to PSP’s stores.