CHARLOTTE, N.C. & EASTON, Pa.--(BUSINESS WIRE)--Phillips Pet Food & Supplies (“Phillips”), the national leader in pet food and supplies distribution, today announced it has completed a comprehensive refinancing, including more than $20 million of new investment capital from a group of existing investors.
Phillips also established an expanded revolving credit facility led by Wells Fargo Bank, NA. This facility provides a significant liquidity increase from the Company’s previous revolving credit facility.
Both transactions closed on Friday, November 13, 2020, and provide Phillips with an efficient financial structure to fund future growth with retail and brand partners.
In connection with the refinancing, the Company also welcomed Blaine Phillips to the investor group, and appointed him as Chairman of the Company.
“These transactions provide substantial financial capacity and materially reduce our debt, allowing us to invest aggressively in our future,” said Todd Shelton, President and Chief Executive Officer of Phillips Pet Food & Supplies. “We are excited to have Blaine’s vision, passion, and pet specialty experience helping guide our work to accelerate growth for retailers, brand partners and associates.”
About Phillips Pet Food & Supplies
The Phillips business started as a single feed store in 1938 and now has 13 distribution centers strategically located across the United States. PFS proudly serves the Pet Specialty Industry and is committed to providing customers with the products and services that will contribute to the growth and profitability of their businesses. The Company has more than 250 brand partners, over 14,000 retail customers and employs approximately 1,200 teammates.