Adapted from a press release:
Mid America Pet Food, manufacturer of VICTOR superpremium pet food, was acquired by TA Associates (TA), a US-based private equity firm, from Trinity Hunt Partners. Terms of the transaction were not disclosed.
Founded in 2007, Mid America Pet Food offers superpremium pet food and is best known for its VICTOR. VICTOR is sold primarily in farm and feed stores and independent pet stores across the country, as well as through select online retailers. Based out of East Texas, VICTOR manufactures all kibble in-house while sourcing many ingredients from farms and suppliers that are within a day’s drive of the plant. Every ingredient in VICTOR formulas serves a purpose and is tested to ensure the health and safety of the pets VICTOR is entrusted to feed.
In this transaction, TA has joined Rx3 Growth Partners (Rx3), a growth equity fund founded by Green Bay Packers quarterback Aaron Rodgers. This transaction marks the second private equity investment into Mid America as TA and Rx3 complete their investment into Mid America Pet Food from Trinity Hunt Partners, a private equity firm that invested in Mid America in 2014.
About TA Associates
TA is a global growth private equity firm headquartered in the U.S. Focused on targeted sectors within five industries, technology, healthcare, financial services, consumer and business services. TA has raised US$33.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over US$3 billion per year. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong.
Mid America Pet Food independent market niche
In September, Mid America Pet Food was named one of the nation’s fastest-growing private companies for the third time by Inc. magazine. The Inc. 5000 represents a look at the most successful companies within the American economy’s independent small businesses segment.
In 2016, Petfood Industry profiled Mid America Pet Food, writing that the company prides itself on its affordable premium pet food. But the real value in its products, according to then CEO Scott Glover, is in the high-quality nutritional ingredients Mid America uses in all its formulas. “Dog foods selling for US$10 per bag more than Victor (Mid America’s superpremium brand) do not provide the same value, while the discount brands selling for US$10 less can’t match our level of nutrition,” said Glover. (The current CEO of Mid America is Greg Cyr.)
Mid America’s roots are humble, beginning 10 years ago with a single vision and a lot of hard work. “I wanted to get into the dog food business from the time I was in college,” said Glover in 2016. “I really thought when we started Mid America Pet Food that we’d be a regional plant. I thought we could make a difference in Texas, Arkansas, Louisiana and Oklahoma — kind of make that a home base for us. I never dreamed that we’d become a national brand. So I didn’t have that big vision in the beginning. As an entrepreneur I think you just want to make payroll and start growing.”
Glover said he couldn’t afford to hire a contractor, so he built a fabrication shop out on his father’s farm. “In that shop we built our bins, our elevator loads, our scales,” he said. “I bought some used equipment. I bought an 80-ton crane, and I ran it myself. I set every stick of steel in our new plant. It took me two-and-a-half years to build it. We poured every single bit of concrete ourselves, hiring very few contractors. We built a plant from scratch."
“When I got it all built, I had a plant sitting there and no sales,” said Glover. “Not a single customer. Bankers hated me. I was turned down by nine different banks for a loan.” Glover got assistance from his parents, who were in the feed business themselves for years before selling their company. Antoine Albin, who would become the president of Mid America, joined the venture, and the two set out to gain customers on their own. “We got in the car and drove a thousand miles one week, and we called on feed mills, trying to sell dog food,” said Glover. “Two customers came on with us; each bought a trailer load of dog food. They were my first and second customers, 10 years ago, and they’re still my customers today. That’s how we started our business.”
Mid America’s production facility, in Mt. Pleasant, Texas, USA, has a 100,000-metric-ton capacity, and the company is currently in the planning stages of building a production facility capable of 200,000 metric tons annually to facilitate growth.
