H.I.G. Capital Completes the Sale of Pro-Pet to Cargill

H.I.G. Capital ("H.I.G."), a leading global private equity investment firm with $24 billion of equity capital under management, is pleased to announce the closing of the sale of Pet Food Holdings, Inc. (“Pro-Pet” or the “Company”), the parent company of Pro-Pet LLC, to Cargill, Inc.

Formed in 1996 and headquartered in Kansas City, KS, Pro-Pet specializes in the manufacturing of premium and super-premium, private label dry dog and cat food for distribution domestically and around the world. The Company maintains relationships with several leading retailers that are interested in a high quality, secure source for private label pet food, most often sold under brand names owned by the retailers.

“During the course of our involvement, Pro-Pet has invested significant capital into its facilities and processes to be able to provide its customers with the full range of dry extruded food products. Becoming a part of such a respected, well capitalized organization like Cargill is a fantastic outcome for the Company’s employees, customers, and suppliers, and Pro-Pet’s facilities and knowledge base will provide Cargill with a great platform to grow its business in this category,” said Todd Ofenloch, Managing Director at H.I.G.

“H.I.G. helped us in providing both strategic guidance and capital required to transition to a market leader in super premium pet food manufacturing. The H.I.G. team brought to bear the resources that will allow Pro-Pet to continue to provide the highest level of quality and consistency to its current and future customers,” said Jim Wiegmann, CEO of Pro-Pet.

About H.I.G. Capital

H.I.G. is a leading global private equity and alternative assets investment firm with $24 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.

2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.

3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.