Crescent European Specialty Lending Announces Financing for Armitage Pet Care

LONDON & LOS ANGELES--(BUSINESS WIRE)-- Crescent Capital Group LP, a leading alternative credit investment firm, announced today that its European Specialty Lending strategy provided a unitranche financing for the acquisition of Armitage Pet Care by Rutland Partners.

Armitage is the largest independent manufacturer and supplier of premium-branded pet treats and accessories in the UK. The business’s strong brand portfolio includes “GoodBoy”, a leading premium dog treats brand. From its manufacturing and distribution base in Colwick, near Nottingham, Armitage supplies over 2,000 products across the dog, cat, small domestic pet, bird and fish categories to a broad customer base including the major supermarkets and pet specialist retailers.

“Armitage is a leading pet products brand in the rapidly growing pet care sector, and we believe that this acquisition, alongside the financial support from Crescent, will help to further scale the brand and allow the company to execute on its expansion plans,” said Christine Vanden Beukel, Managing Director and head of Crescent’s European Specialty Lending strategy. “This is the second financing we have completed with Rutland this year, demonstrating how sponsors appreciate our flexible capital solutions for middle market companies.”

About Crescent Capital Group

Crescent Capital Group LP is headquartered in Los Angeles with offices in Boston, London and New York. With over 70 investment professionals and more than 150 employees, the firm invests at all levels of the capital structure, with a significant focus on below investment grade credit through strategies that invest in senior bank loans, high yield debt, mezzanine debt, distressed debt and other private debt securities. As of March 31, 2017, Crescent Capital Group LP managed approximately $24 billion in assets, with a relatively equal split between marketable securities and privately originated debt investments.

About Rutland Partners:

  • Rutland Partners is a leading private equity investor with over twenty five years’ experience in investing in and supporting UK based companies.
  • The value of investee companies will usually range from £20 million to £150 million with Rutland committing between £10 million and £50 million per investment.
  • Rutland has raised over £700 million in committed capital across three funds: Rutland Fund I, Rutland Fund II and its latest fund Rutland Fund III (£263m).
  • Rutland Partners LLP is authorised and regulated by the Financial Conduct Authority.
  • For more information on Rutland, please visit www.rutlandpartners.com.

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Crescent Capital Group
Mendel Communications
Bill Mendel, +1-212-397-1030
Rutland Partners
Ben Slatter, 020-7451-0700
Kajen Mohanadas, 020-7451-0700

Source: Crescent Capital Group LP