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CARGILL TO ACQUIRE DOG TREAT PRODUCER
Source: Cargill news release

Cargill today announced it is acquiring Sanger, Calif.-based Pet CarouselŪ, a private company formed in 2003 that produces branded and private label pet treats and chews. The transaction is expected to close on, or about, Feb. 28, 2014.

Terms of the acquisition were not disclosed. Pet Carousel is part of the pet treat and chew category that generates approximately $1.4 billion in annual U.S. sales.

Viewed as an investment that complements Cargill's existing California distribution and beef processing businesses, Pet Carousel is an established company with a national reach and is positioned as a provider of all-natural pet products made from high quality, USDA-inspected, U.S. raw materials. Pet Carousel will benefit from Cargill's nationwide distribution capabilities and raw material supplies from the company's U.S. beef, pork and turkey processing facilities.

In addition to a product line that includes private label brands, Pet Carousel produces and markets RoperŪ brand cotton blend chew ropes, Choo HoovesŪ brand natural bones and chews, as well as a line of natural white meat chicken and turkey jerky, and sweet potato and vegetable chews.

Additional synergies will result in more environmentally responsible products that do not require international transport from various points around the world. People, pets and the planet benefit from Pet Carousel products having a smaller environmental footprint than most competing products.

"We understand that owners want only the best for their pets, and we work closely with retailers to bring those products to market," stated Gary Becker, Pet Carousel founder and chief executive officer. "Being affiliated with Cargill will enable Pet Carousel to move to the next level of growth and development, and I am pleased the company will be part of an organization that is truly interested in providing customers and pet owners with great products and service."

"From Cargill's perspective, Pet Carousel has a lot to offer in the way of synergies with our existing animal protein and distribution businesses," said John Niemann, president of Wichita-based Cargill Food Distribution. "All of these businesses will derive value from this transaction, and we look forward to growing Pet Carousel, which has benefitted from terrific leadership, as well as from a highly engaged and innovative workforce that produces excellent results."

"I am extremely excited to join forces with Cargill in a venture devoted to meeting consumer needs, while also allowing us to showcase our natural pet products to more customers," said Troy Becker, president of Pet Carousel, who will join Cargill and work from the Sanger facility and is the son of founder Gary Becker. Pet Carousel's 36,000-square-foot facility in Sanger, employing 25 fulltime employees, will continue to produce the company's line of pet treats and chews with increased investment for innovation and new products.


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