CHESHIRE, England, March 30, 2017 /PRNewswire/ -- Velcro Companies today announced it has acquired a minority stake in Petface Ltd., an innovative pet products company based in Hertfordshire, United Kingdom. The agreement will add further momentum to the company's global consumer business and supplements its innovative product development capabilities. Established in 2011, Petface has over 3,000 products across the dog, cat, small pet and wild bird categories.
Mark Sater, Vice President of Strategic Execution for Velcro Companies, said: "This new shared venture with Petface represents another strategic step in building our presence in growth markets, and we are enthusiastic about the significant further potential for Petface to develop and deliver innovative products and expand globally. This agreement reflects our commitment to create a powerful global consumer business by developing new products and leveraging the strong consumer awareness of the VELCRO® brand. With a heritage of innovation and a passion for great product design, Petface is an ideal partner to help us realize this goal."
Peter Johnson, Chief Executive Officer of Petface, said: "The investment by Velcro Companies represents a resounding endorsement of our success to date and acceptance of our commitment and enthusiasm towards pets and pet owners. We are looking forward to working with their development teams, and both businesses are dedicated to the details that make products functional, durable and easy to use. This significant investment aligns the business and gives Petface the perfect platform to grow internationally."
The existing Petface management team will remain in place. Other financial terms were not disclosed.
About Petface Ltd.
Petface was established in 2011 and is a leading UK-based designer and distributor of pet-related products. The company has over 3,000 products in the Petface range, within 17 brands covering collars and leads, feeding, bedding and toys across dog, cat, small pet and wild bird categories. Petface specializes in selling to large retailers, independent pet specialists, and garden centers.
About Velcro Companies
Velcro Companies is a technology-driven, global organization providing fastening solutions that solve problems in simple, elegant and surprising ways for businesses and consumers around the world. We have a heritage of innovation spanning more than 50 years and own over 400 active patents and numerous trademarks, including the VELCRO® trademark, which is registered throughout the world. We develop and deliver solutions for customers through an integrated production and service system that includes manufacturing locations in the United States, Belgium, Canada, Mexico, Uruguay, Spain and China and sales offices around the world. To buy genuine VELCRO® brand products and to find out more about our company, visit www.velcro.com.
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At Velcro Companies, we are proud that VELCRO® brand products have become a part of everyday life, but that ubiquity sometimes produces confusion. The VELCRO® trademark should be used only when referring to genuine VELCRO® brand fasteners. Non-VELCRO® brand products should be identified by their functional terms, such as "hook and loop," "self-adhesive straps," and so forth.
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SOURCE Velcro Companies