Phillips Pet Food and Central Pet agree on joint venture

Phillips Pet Food & Supplies, a leading distributor in the pet food and supplies industry, and Central Garden & Pet, a market leader in the pet and garden sectors, have announced an agreement to form a strategic joint venture.

By bringing together two highly complementary platforms, the companies aim to create a stronger, more agile nationwide distribution network designed to accelerate growth opportunities, drive greater operational efficiency, and deliver enhanced service and capabilities to the companies’ customers, employees, and vendor partners, according to a press release.

Under the terms of the agreement, Central will receive cash proceeds and retain a 20 per cent ownership stake in the newly formed entity. Phillips and its existing investors, led by Axar Capital Management LP and Blaine Phillips, will hold a controlling interest. Current Central Pet distribution employees…