Azalea Capital has sold Ark Naturals to Antelope, a portfolio company of Alpine Investors

Ark Naturals

Ark Naturals was founded in 1996 with the goal of providing the best products for pets. Ark Naturals provides premium functional treats, pet supplements and wellness products to keep pets as happy and healthy as possible through every life stage. Ark believes pets deserve the very best, so it prides itself on sourcing the highest quality, natural ingredients. Ark’s trusted formulas have been carefully crafted in the U.S. for more than 25 years.

Today, the company has established itself as an innovator and leader in the space by offering natural, science-backed products that work together to create an intentional regimen designed to keep pets healthy and improve the quality of their lives. Ark Naturals has more than 70 stock keeping units and focuses on five product categories – dental, hip and joint, skin and coat, senior and wellness. Ark Naturals’ innovative products in the dental category have helped it expand to more than 12,600 locations across PetSmart, Petco, Whole Foods, Amazon, independent pet stores and many others.

The Deal

Antelope, an omni-channel, pet wellness platform focused on delivering high-quality, natural pet products and services, acquired industry-leading pet health and wellness brand, Ark Naturals, to position itself as the gold standard of full-suite pet care. Ark Naturals will continue to operate under its brand name within Antelope, and Michael Stoeckle will continue as Chief Executive Officer.

Marshall H. Cole, Managing Partner at Azalea Capital, commented, “We were extremely impressed with Lincoln’s experience in the pet treat industry as well as their knowledge of likely strategic and financial buyers. From start to finish, there was constant senior attention and solid junior banker support. Lincoln did a great job positioning Ark Naturals to a universe of potential investors that narrowed down to a smaller group of sector-knowledgeable strategic and financial buyers. Ultimately, Alpine, with significant investments in the pet industry, distinguished itself as the best buyer. We are extremely pleased with this outcome.”

Our Perspective

Charles Walder, Managing Director in Lincoln’s Consumer Group, stated, “Leading pet companies like Ark Naturals will continue to attract strong interest from both domestic and international strategic and financial investors despite recent market volatility. Ark Naturals is an innovative and fast-growing brand in the attractive pet health and wellness space which has numerous tailwinds. We are grateful to have had the opportunity to work with such an impressive company like Ark Naturals, which fits exceptionally well within the Antelope platform, and we look forward to seeing their continued success.”

Antelope

Antelope was founded in August 2021 with the mission to elevate the lives of all pets by delivering the highest-quality pet products and services via a buy-and-build strategy. “Ante” means to increase the stakes or consideration of, and “lope” means to leap with bounding steps. Together, Antelope will be setting higher goals and standards for pet products and services worldwide.

Alpine Investors

Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from and developing exceptional people. Alpine specializes in investments in companies in the software and services industries. Its people-first strategy includes a talent program which allows Alpine to bring leadership to situations where additional or new management is needed post-transaction. Alpine is currently investing out of its more than $2.25 billion eighth fund.

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