CHICAGO, March 17 (Reuters) - U.S. meat producer Tyson Foods Inc () said on Tuesday it will take a minority stake in Freshpet, a maker of fresh, refrigerated dog food and treats.
Dog Owner Sues Tyson Over 'Made In USA' Pet Food Labels - Law360
By partnering with Tyson, Freshpet will have access to the food company's refrigerated distribution network, meat and poultry supply and knowledge base. As part of the agreement, Tyson will obtain a minority stake in Freshpet.
Tyson, Freshpet form pet-food partnership - Meat + Poultry
As meat profits have been harder to achieve in the past two years, Tyson Foods has launched several jointventures to boost the company's overall profit stream, including renewable diesel fuel from chicken fat and two pet food ventures to enhance animal food flavors, Kim Souza reports.
Tyson Freshpet form petfood partnership | MEAT+POULTRY
"The $17 billion pet food market, which has become one of the top 10 packaged-goods categories, has seen significant growth in recent years. One of the key growth trends has been the humanization of pets, as more consumers treat their pets as part of the family," Tyson said in a statement. "We disagree with this lawsuit and will fight it," Tyson Foods Senior Director of Public Relations Gary Mickelson said in a statement to . "Our pet treats are made with meat and poultry produced right here in the United States. "The alliance between Tyson and Freshpet will meet changing consumer needs by providing real food for pets -- not 'pet food,'" said Scott Morris, Freshpet co-founder. "We believe these products will redefine the category and change the way people think about feeding their pets." The sources asked not to be identified because Freshpet's IPO plans are confidential. MidOcean, Goldman Sachs and Credit Suisse declined to comment. Freshpet and Tyson Foods did not immediately respond to requests for comment. Private equity firm MidOcean Partners made what it referred to as a "significant investment" in Freshpet in 2011, joining Tyson Foods Inc, which had been a strategic partner of Freshpet since 2009. DES MOINES, US – Kemin Industries, Inc. and Tyson Foods, Inc. have formed a strategic alliance to develop, manufacture, market and sell liquid and dry flavor-enhancers known as palatants, to the North American pet food market, the companies announced today.