Sport Endurance, Inc. (the “Company”) announced Dec. 28 that it has signed a Letter of Intent (“LOI”) to acquire TruPet LLC (“TruPet”), the parent company of TruDog, a family-owned pet food company dedicated to supplying the TruDog line of nutritional food, supplements, and pet care products for dogs, cats, and horses. Sport Endurance recently made a $2.2 million initial investment in TruPet. Legal and business due diligence review is underway and the acquisition is expected to close during the first quarter of 2019, subject to negotiation and execution of a definitive Agreement and other customary closing conditions.
David Lelong, Chief Executive Officer of Sport Endurance, stated, “TruPet is a fast-growing company with a well-respected brand in the pet supply market. Sport Endurance’s experience in marketing nutritional supplement products online coupled with the wide variety of TruPet products available for online distribution makes this transaction very synergistic. Additionally, our long term strategy is to leverage our expertise to help grow the company by exploring the potential for CBD usage among pets.”
Lori R. Taylor, founder of TruPet, said, “The growth we have been able to achieve is a testament to our team, their passion and excellence in customer service. In my continued leadership role as President, together with the support of the Sport Endurance management team and its shareholders, we will be able to make even more pet parents realize how important it is what we give our pets every day. If I had known what I know now, the love of my life, Truman, may have had a few more good years. I believe that just as CBD could have supported my pet, the studies for educational content on CBD we will be investing in will one day help other pets live and love us longer.”
“We are very pleased to be expanding our relationship with TruPet and could not be happier with Lori, her team and their vision,” said Michael Young, Chairman of the Board of Sport Endurance. “We look forward to helping Lori and her team with access to capital as well as research and development behind hemp and hemp-based products.”
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