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New York | June 2011
$12.5 MILLION IN DEBT FINANCING TO SUPPORT ACQUISITION BY MISTRAL EQUITY PARTNERS
Praesidian Capital (“Praesidian”), a leading provider of mezzanine capital for small and mid-sized companies, announced it has invested $12.5 million of subordinated debt to help fund Mistral Equity Partners’ acquisition of Worldwise, Inc. (“Worldwise”), a manufacturer of specialty pet products.
Based in Northern California, Worldwise is a designer and supplier of more sustainable dog- and cat-focused products including beds, toys, scratchers, and litter accessories. The Company sources its materials globally from certified organic, reclaimed and recycled materials and offers approximately 350 SKUs that are sold through the mass merchandise, grocery, and pet specialty channels at more than 30,000 stores in the U.S. and Canada.
“Worldwise is an innovative leader in pet products with a talented management team and extensive supply and distribution capabilities, coupled with strong performance,” said Jon Mansfield, a partner at Praesidian. “We are very pleased to support the acquisition by Mistral Equity Partners. We believe Mistral’s expertise and impressive track record with consumer products companies will help Worldwise to achieve even more innovation, growth and success in the marketplace.”
“Praesidian is an excellent financing partner, and we are pleased to be working together on this exciting opportunity,” said Jeff Ginsberg, a managing director at Mistral. “With Praesidian’s support, we will help to expand Worldwise’s brand presence and build out its product offerings and distribution.”
About Mistral Equity Partners
Mistral Equity Partners is a private equity firm comprised of highly experienced investment professionals and seasoned industry executives. The firm specializes in the consumer and media sectors and is especially attracted to businesses that are supported by strong demographic trends and fundamental changes in consumer preferences. The firm’s principals have a long history of working together and identifying successful investment opportunities with these characteristics.
About Worldwise, Inc.
Worldwise is a leading consumer pet product company offering dog and cat products under the SmartyKat, PoochPlanet and Petlinks brands. By developing innovative, high-quality products from natural, recycled, reclaimed and certified organic materials and distributing them through the nation’s largest retailers, Worldwise brands are changing consumer beliefs about the look, feel, price and performance of environmentally-responsible products.
About Praesidian Capital
Praesidian Capital partners with small and mid-sized businesses, providing private debt capital. With a focus on its core competency in mezzanine financing, Praesidian Capital invests in established, historically profitable companies often in connection with a management/leveraged buyout, recapitalization or refinancing. Based in New York City, Praesidian Capital manages over $500 million in committed capital. For more information, visit www.praesidian.com.
The Abernathy MacGregor Group, Inc.
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