Garden centre pet supplier, Petface bought into by fastenings multinational

Velcro Companies has acquired a minority stake in Hertfordshire-based Petface, which will work with Velcro's development teams.

Petface has 3,000 products in 17 brands across the dog, cat, small pet and wild bird categories and was established in 2011.

Velcro vice president Mark Sater said the agreement will add further momentum to the company's global consumer business and supplements its innovative product development capabilities:

"This new shared venture with Petface represents another strategic step in building our presence in growth markets, and we are enthusiastic about the significant further potential for Petface to develop and deliver innovative products and expand globally.

"This agreement reflects our commitment to create a powerful global consumer business by developing new products and leveraging the strong consumer awareness of the VELCRO® brand. With a heritage of innovation and a passion for great product design, Petface is an ideal partner to help us realize this goal."

Petface chief executive officer Peter Johnson said:

"The investment by Velcro Companies represents a resounding endorsement of our success to date and acceptance of our commitment and enthusiasm towards pets and pet owners.

"We are looking forward to working with their development teams, and both businesses are dedicated to the details that make products functional, durable and easy to use. This significant investment aligns the business and gives Petface the perfect platform to grow internationally."

The existing Petface management team will remain in place. Other financial terms were not disclosed.

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