Private equity group Clayton, Dubilier & Rice (CD&R) has agreed to pick up Radio Systems, a leading innovator in the companion pet health and safety market.
Financial terms of the deal were not disclosed, and completion is slated for June 2020.
Established in 1991, Radio Systems designs and distributes more than 2,000 pet products under brand names such as Invisible Fence, PetSafe, ScoopFree, SportDOG and Kurgo, among others.
Based in Knoxville, Tennessee, the business has more than 800 employees worldwide that help the company reach consumers across the Americas, Europe and Asia.
Radio Systems hold the number one market position by sales in many of the pet categories it serves, including pet containment, doors, training and waste management, which supported by the company’s innovation capabilities and commitment to delivering products that enhance the safety and wellbeing of pets.
Kenneth Giuriceo, a partner at CD&R, said: “The market for pet care is large and growing with attractive long-term secular tailwinds and demonstrated recession-resilience. We believe Radio Systems’ business model and channels align well with our experience with similarly positioned consumer companies.
“We look forward to supporting the company’s continued innovation and exciting growth plans.”
Debevoise & Plimpton is acting as legal advisor and UBS Investment Bank, BMO Capital Markets, BNP Paribas Securities and Fifth Third are acting as financial advisors to CD&R.
Radio Systems is working with Waller Lansden Dortch & Davis.
The group has operations in 52 countries supporting pets such as cats and dogs.
CD&R has managed the investment of USD 30.00 billion in 90 businesses representing an aggregate transaction value of around USD 140.00 billion.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 1,269 deals targeting computer and electronic component manufacturers announced worldwide in 2020 to date.
In the largest of these, Netherlands-based Quebec agreed to buy Dutch biological sample and biomolecule assay products manufacturer Qiagen for USD 11.50 billion.
United Technologies’ military global positioning system business, ams and ISRA Vision, among others, have also been targeted in the year so far.
© Zephus Ltd