Investment Summary

Arbor Investments Invests In Carnivore

On December 9, 2021, private equity firm Arbor Investments invested in food company Carnivore

Investment Highlights
  • This is Arbor Investments’ 15th transaction in the Food sector.
  • This is Arbor Investments’ 29th transaction in the United States.
  • This is Arbor Investments’ 2nd transaction in Wisconsin.

Investment Summary
Date 2021-12-09
Target Carnivore
Sector Food
Investor(s) Arbor Investments
Deal Type Growth Capital
Advisor(s) Houlihan Lokey (Financial)
Godfrey & Kahn S.C. (Legal)

Target

Carnivore

Green Bay, Wisconsin, United States
Carnivore is a pure-play freeze-dried raw pet food producer in North America, manufacturing unique freeze-dried and frozen raw pet food, snacks, and treats. A pioneer in raw pet food, Carnivore’s state-of-the-art manufacturing facilities, and proprietary freeze-drying process are strongly positioned to meet rapidly growing demand, fueled by discerning pet parents worldwide who are seeking nutritious and delicious alternatives to traditional pet foods. Carnivore was formed in 2012 and is based in Green Bay, Wisconsin.

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Investor(S) 1

Investor

Arbor Investments

Chicago, Illinois, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 2.6B USD
Size Large
Type Sector Focused
DESCRIPTION

Arbor Investments is a private equity group focused on acquiring profitable, middle-market companies in the food and beverage sector. Arbor considers all areas surrounding the food/beverage and related industries. Specific areas of interest include regional niche branded food products; vegetable, fruit, meat and dairy processors; ethnic food manufacturers and marketers; flavors and ingredients; baked goods; restaurant chains; co-packers for major retailers, foodservice companies; food packaging; grocery and specialty food retailers; and logistics providers to the food and beverage industries. Prospective companies generally lead their markets and are 'low-cost operators' with predictable cash-flows. Arbor Investments was formed in 1999 and has offices in Chicago, New York, and Atlanta.

DEAL STATS #
Overall 32 of 34
Sector (Food) 15 of 17
Type (Growth Capital) 2 of 2
State (Wisconsin) 2 of 2
Country (United States) 29 of 31
Year (2021) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-15 Dr. G’s

Athens, Georgia, United States

Dr. G specializes in the design and application of functional ingredient systems to impart the desired texture, yield, and taste characteristics of processed foods. Dr. G serves the food industry by developing coatings and flavor systems to ensure consistent taste and quality. Dr. G was founded in 2008 and is headquartered in Athens, Georgia.

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FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-15 Oregon Freeze Dry

Albany, Oregon, United States

Oregon Freeze Dry is a freeze-dried foods company. The Company's freeze-dried ingredients are key components in the products of some of America’s largest food companies. OFD private label lines include such products as lunch and dinner entrees for the Nutri/System weight-loss program. Oregon Freeze Dry was founded in 1963 and is based in Albany, Oregon.

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Mergr

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Company

Legal