Mosaic Capital Partners Announces ESOP Acquisition of Best Friends Pet Hotel
January 15, 2019
Mosaic Capital Partners, LLC (“Mosaic”) announced today the ESOP acquisition of Best Friends Pet Hotel (“Best Friends” or the “Company”), a national operator of pet hotels with 30 locations throughout the United States. Best Friends offers boarding, grooming, day camp, training and retail services at each of its locations.
Ian Mohler, who led the transaction for Mosaic, remarked, “We feel tremendously fortunate to have the opportunity to partner with Best Friends. The pet services sector is extremely attractive as people increasingly see pets as extensions of their human families and spend accordingly. With a 20+ year operating history, Best Friends has a wonderful legacy in the communities it serves owing to the many, many passionate employees who have such incredible dedication to their clientele. We feel we have backed the best-in-class operator in this highly fragmented industry.”
Jared Pinsker, CEO of Best Friends, agreed. “Our people are our most critical assets. They devote themselves tirelessly to ensuring pets and pet owners have a wonderful experience at our facilities. As we continue to build on our tremendous relationships with guests and pet parents, to be able to have our employees now own the business through the ESOP is a wonderful outcome and opportunity for us. We could not be more excited.”
Mosaic also announced that industry veteran Reed Howlett would be joining the partnership as an investor and Board Member. No stranger to the attractive trends in the pet sector, Reed most recently served as CEO of Nature’s Variety, an early mover in the natural and raw pet food category.
The ESOP provides a substantial retirement benefit to all eligible, full-time employees. Research shows that companies with an ESOP tend to be environmentally conscious, keep jobs in the United States, and perform better in times of economic downturn.
ICG Capital Securities served as Best Friends’ financial advisor during the transaction.
About Best Friends Pet Hotel
Best Friends Pet Care, Inc. (“Best Friends”), founded in 1996, is one of the largest privately-held independent pet care providers in the United States with over 90,000 active clients across its 30 locations throughout the United States. Since 2010, Best Friends has been the exclusive provider of pet care for Walt Disney World Resort. Learn more about Best Friends at www.bestfriendspetcare.com.
About Mosaic Capital Partners, LLC
Mosaic Capital Partners, LLC (“Mosaic”) is a private equity firm investing in privately held middle market companies. Based in Charlotte, NC, Mosaic employs private equity buyout strategies that incorporate the partners’ unique expertise in Employee Stock Ownership Plans (ESOPs). Mosaic aims to help business owners achieve liquidity, wealth transfer and ownership transition with its PE-ESOP product.