Canidae, a portfolio company of L Catterton, has merged with Natural Balance, a portfolio company of Nexus Capital Management


Canidae® is a super-premium, natural dog and cat food brand striving to create a world of sustainable goodness for pets and the planet. The company was founded in 1996 by two pet owners who knew they could improve pet food using better nutrients and flavors. Canidae’s commitment to quality is upheld in more than just its nutrient-rich, premium pet food; it inspires everything the company does, from the land it harvests and the farmers it works with, to the people it employs and the local pet food stores it partners with. From the first truckload of food delivered to the latest batch of pet food cooked in the company’s pet nutrition plant in Brownwood, Texas, Canidae’s story is one to be proud of.

All of Canidae’s products are vet-reviewed, high-quality and perfectly balanced for optimal health at an affordable price point with no fillers, artificial flavors or artificial preservatives. Canidae partners with U.S. farmers and green technology companies to bring new, sustainable practices to pet food including lowering pesticide use, reducing runoff and adopting regenerative farming practices.

The Deal

Lincoln International, a leading global investment bank, is pleased to announce that it has represented L Catterton in the combination of its holding, Canidae, with Natural Balance, a portfolio company of Nexus Capital Management. The combination unites two renowned specialty pet food brands with complementary yet differentiated offerings to drive innovation and growth for the benefit of pet parents everywhere. Terms of the transaction were not disclosed.

Andrew Taub, Managing Partner at L Catterton, and Matt Lischick, Partner at L Catterton, stated, “Both Canidae and Natural Balance have rich legacies, solid brand recognition and strong consumer affinity, and this combination allows us to build on the strengths of each company. As a combined company, we will be able to streamline manufacturing capabilities, invest in product innovation and build on each company’s partnerships with key pet retailers. We are excited to leverage our deep experience investing in the pet category to position our new platform as a leading provider of premium pet food.”

L Catterton

L Catterton is a market-leading, consumer-focused investment firm, managing approximately $33 billion of capital across three multi-product platforms: private equity, credit and real estate. Leveraging deep category insight, operational excellence and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made more than 250 investments in some of the world’s most iconic consumer brands.

Natural Balance

Natural Balance is a leading premium pet food brand specializing in high-quality dog and cat food products sold exclusively through the pet specialty and e-commerce channels. Natural Balance has a more than 30-year history in premium formulations and was a pioneer of limited ingredient diets.

Nexus Capital Management

Nexus is an alternative asset investment management company based in Los Angeles that was founded in 2013. Nexus employs a flexible investment mandate that focuses on long-term value creation by partnering with leading management teams and businesses. Nexus invests across the consumer, education, business services and industrials sectors. The firm prides itself on being a flexible, creative investor and a reliable, transparent partner to companies and management teams.

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