NEW YORK, Jan. 11, 2013 /PRNewswire/ -- Wafra Partners LLC and its affiliates ("Wafra")* are pleased to announce the acquisition of Phelps Industries, LLC. ("Phelps") by Phelps' management and an entity formed by the clients of Wafra.
Based in Wakefield, MA and Rockford, IL, Phelps Industries, LLC. is a leading manufacturer and marketer of pet treats and chews to major supermarkets and retail pet stores across the United States and internationally. Phelps markets pet treats and chews under private label, contract manufactured and in-house brands.
"Given our growth plans and the opportunities that lie in front of us, it was important for us to partner with a group that understood and appreciated our existing capabilities and team," said Vin Foley, Phelps' president. "Additionally, this transaction will provide us with the professional and financial support to take Phelps to the next level."
"We are pleased to have the opportunity to team up with founders and industry veterans Dick Phelps and Vin Foley and are excited about the prospects for Phelps in this growing and dynamic industry," said Ryan Wierck, a managing director at Wafra. "Phelps is the ideal platform on which to build a large, diversified manufacturer, importer and marketer of pet treats and chews and other products for household pets. We look forward to building on Phelps' manufacturing and marketing capabilities and increasing efforts to sell current and new product and packaging offerings through existing as well as new channels of distribution. We are actively seeking to deploy capital to fund both internal growth opportunities and follow-on acquisitions."Wafra Partners LLC and its affiliates focus on investing in traditional middle-market companies and partnering with continuing management on a strategic growth plan. Wafra can invest up to $30 million of equity per transaction and has a particular interest in consumer products, consumer-driven services, outsourced business services and niche manufacturing. For press inquiries, contact: Vincent P. Foley, Jr., email@example.com, 781-224-9666 *Wafra Investment Advisory Group, Inc. serves as investment advisor to the investments referred to herein. Wafra Partners LLC seeks companies within the parameters and sectors set out above.