Dane Creek Capital Corp. Announces the Acquisition of Pets West, Victoria, British Columbia’s Leading Full-line Pet Retail Store.
Mississauga, Ontario – October 18, 2021.
United Raw Pet Foods Inc. (‘United Raw’), a majority-owned subsidiary of Dane Creek Capital Corp. (‘Dane Creek’) announces the acquisition of Pets West Pets & Supplies Ltd. (‘Pets West’), one of the longest-standing and largest pet specialty retail stores on Vancouver Island, British Columbia. Located in the municipality of Saanich, Pets West is a full-line retailer offering a wide range of food and supplies for dogs, cats and exotic animals.
The purchase price represents approximately 0.45 times expected revenue for the current fiscal year ending January 31, 2022. No other terms were announced.
Under the ownership of Lisa Nitkin since 1989, Pets West has become known as ‘Victoria’s Favourite Local Pet Shop’. The store offers pet owners a first class in-store experience in its spacious 4,500 square foot location in Broadmead Village. Ms. Nitkin will stay on with Pets West until 2022 to assist in transitioning the location into the United Raw portfolio.
The addition of Pets West brings the total number of United Raw-owned retail locations on Vancouver Island to seven. Earlier this year, Dane Creek and United Raw announced the acquisitions of Growlies Pet Foods Inc. (Langford, British Columbia); The Wild Side Pet Boutique Inc. (Qualicum Beach and Nanaimo, British Columbia); Lucky Paws Enterprises Inc. (Mill Bay and Duncan, British Columbia); and A Pet’s Life Ventures Inc. (also in Victoria, British Columbia).
Consistent with United Raw’s position as the owner of Canada’s largest family of raw pet food brands, Pets West offers pet owners a wide selection of raw in its recently expanded freezer section, which is one of the largest on Vancouver Island. The store currently features United Raw brands, such as Mountain Dog and Pets4Life, and other leading raw brands, like Bold by Nature and US-based Primal. In addition, Pets West offers an array of traditional dry and canned pet food brands, including Acana, Orijen, Go! And Now. Further expansion of Pets West’s frozen pet food section is expected over the coming months.
‘We are very pleased to be adding Pets West to the United Raw family of retail locations on Vancouver Island,’ said Mark Warren, Chairman and CEO of Dane Creek. ‘Lisa and her exceptional team have not only created a premium shopping experience for pet owners living in the Greater Victoria metropolitan area but have also demonstrated an unwavering commitment to animal welfare and social responsibility as evidenced by their support for a wide variety of community organisations. We fully intend to build on this legacy.’
For many years, Pets West has worked closely with local animal welfare organisations to offer in-store adoption events regularly. The store has also contributed regularly to a variety of non-pet causes in Greater Victoria.
‘I am of the view that United Raw is the best partner to ensure that what my team and I have built at Pets West over the years will continue. Over the past 32 years, our sole focus has been to provide the very best products, food, and advice for all types of pets in Greater Victoria, following many of our pet parents through good times and bad. It has been an absolute honour to share in these moments and be a part of their lives. I also want to express my gratitude to my family and friends for their tremendous support over the years,’ said Ms. Nitkin. ‘As an organisation fully devoted to the pet industry and very focused on providing pet owners on Vancouver Island the best products and services, I believe our pet parents and their pets will benefit from United Raw’s stewardship.’
‘Pets West exceeds all of the published industry standard metrics, including revenue per square foot per annum and inventory turnover per annum,’ added Mr. Warren. ‘This acquisition furthers our efforts to establish a pet-focused ecosystem on Vancouver Island, which will have, at its base, retail operations offering pet owners a unique and innovative shopping experience.’
About Dane Creek Capital Corp.
Dane Creek Capital Corp. is a privately held Canadian merchant banking venture dedicated to the pet industry. With over 30 years of experience in the pet industry and an extensive network of industry professionals, we offer valuable financial and management support to up-and-coming companies in the companion animal sector through selective, strategic investments in Canada, the US and the UK. Our investment horizon is long-term taking into account current trends and changes in pet owner demographics with a current focus on opportunities in sustainable and raw pet food products, pet supplements and nutraceuticals, alternative models for veterinary care, pet insurance and biotechnology. To date, Dane Creek has acquired or invested in 18 pet businesses in North America.
About United Raw Pet Foods Inc.
United Raw Pet Foods Inc. is Canada’s leader in alternative pet foods, with a current focus on the frozen raw sub-category and pet specialty retail. Majority-owned by Dane Creek Capital Corp., United Raw owns the largest family of Canadian raw pet food brands. To date, United Raw has acquired five manufacturers of frozen raw pet foods including Mountain Dog Enterprises Inc. (Edmonton, AB); ‘Pets 4 Life’ (St. Thomas, ON); ‘Naturawls Pet Products’ (St. Thomas, ON); Natural Chow Pet Food Corp., the maker of ‘Spring Meadows’ (Saskatoon, SK); and Tollden Farms Inc. (Kemptville, ON). United Raw also acquired leading pet specialty retailers, Growlies Pet Foods Inc. (Victoria, BC), The Wild Side Pet Boutique Inc. (Nanaimo and Qualicum Beach, BC), Lucky Paws Enterprises Inc. (Mill Bay and Duncan, BC), A Pet’s Life Ventures Inc. (Oak Bay, BC) and Pets West Pets & Supplies Ltd. (Victoria, BC) in 2021, as well as a minority stake in Pet Plate, a US-based, direct-to-consumer provider of lightly cooked pet food, in 2018.
Contacts:
Mark Warren
Chairman & CEO
Dane Creek Capital Corp.
m: 905.875.6218
Mackenzie Keillor
VP, M&A, Strategy & Shareholder Relations
Dane Creek Capital Corp.
m: 902.880.1550