Central Garden & Pet Expands Pet Care Portfolio Through Strategic Acquisition of Premium Dog Treat Brands

The acquisition landscape in the pet care industry continues to heat up as major players seek to strengthen their market positions. Central Garden & Pet (NASDAQ: CENT, CENTA), a dominant force in both pet and garden sectors, has successfully completed a deal to acquire TDBBS, LLC, a Richmond, Virginia-based manufacturer of high-end natural dog chews and treats. The transaction, which closed on November 3, 2023, marks a significant move to consolidate the company’s standing in the rapidly expanding dog treats and chews market.

Strategic Acquisition Signals Market Consolidation

The TDBBS acquisition represents more than just a typical M&A transaction—it reflects the growing importance of the dog treat category to major pet companies. Backed by Bregal Partners, TDBBS operates three well-established brand lines: Best Bully Sticks, Barkworthies, and Paw Love. Each brand specializes in minimally processed, grain and gluten-free dog treats that emphasize natural ingredients and nutritional benefits.

Beth Springer, Interim CEO of Central Garden & Pet, emphasized the strategic rationale: “This addition strengthens our Central to Home strategy by expanding our scale across two core industries. The TDBBS brands enjoy strong consumer recognition and established market share, particularly in the bully stick category where they pioneered e-commerce approaches.”

Digital-First Heritage Meets Traditional Distribution Network

What makes this acquisition particularly noteworthy is TDBBS’s pioneering digital foundation. Since its inception in 2008, the company built its reputation as an early adopter of direct-to-consumer online sales, establishing brand synonymity with the bully stick category long before traditional pet retailers fully embraced e-commerce. Today, TDBBS distributes through multiple channels: direct online sales, third-party digital platforms, specialty pet retailers, and select mass-market and club stores.

The three brands under the TDBBS umbrella—Best Bully Sticks, Barkworthies, and Paw Love—collectively offer diverse product lines including bully sticks, antlers, jerky, and yak cheese chews, all positioned as premium natural options with limited ingredients and high protein content.

Synergies Drive Growth Expectations

Central Garden & Pet brings substantial resources to this transaction. With 2022 net sales of $3.3 billion, the company operates as a diversified consumer products powerhouse serving the home and pet markets. Its portfolio encompasses more than 65 established brands including Amdro, Aqueon, Cadet, Farnam, Ferry-Morse, Four Paws, Kaytee, K&H, Nylabone, and Pennington.

Tom Goundrey, CEO of TDBBS, framed the acquisition as a natural evolution: “Over 15 years, we’ve built reputation for quality and variety in natural dog treats. Central’s industry expertise and distribution reach will enable us to accelerate growth and reach new customer segments we couldn’t access independently.”

The integration promises to yield operational synergies across several dimensions. TDBBS gains access to Central’s established relationships with key retail customers, while Central absorbs the acquired company’s digital marketing expertise and direct-to-consumer capabilities—areas where TDBBS has built genuine competitive advantages.

Transaction Details and Professional Guidance

The deal received substantive legal and financial support from established advisors. Orrick served as legal counsel to Central Garden & Pet, while Lazard provided exclusive financial advisory services to TDBBS, with Dechert handling legal representation for the seller.

Central’s management has committed to providing comprehensive transaction details during the fourth quarter and fiscal year-end earnings call scheduled for later in November, where investors will likely seek clarity on integration timelines, expected synergy realization, and revised guidance incorporating the acquisition’s contribution to future results.

Market Context and Industry Implications

The acquisition arrives at a pivotal moment for the pet treat industry. Consumer spending on premium pet products remains robust, driven by the ongoing humanization trend where pet owners increasingly treat companion animals as family members deserving comparable product quality and ingredient sourcing standards. Premium natural treats that emphasize clean labels, health benefits, and sustainability have emerged as a particularly strong growth segment.

For Central Garden & Pet, the TDBBS acquisition fits squarely within its stated strategy to build scale in attractive categories while fortifying digital competencies. The company’s over 40-year history nurturing consumer households positions it well to leverage TDBBS’s three established brand franchises across its extensive distribution infrastructure while preserving the digital-native strengths that differentiate these brands.

Central Garden & Pet maintains headquarters in Walnut Creek, California, and operates with over 7,000 employees across North America and Europe, providing the organizational backbone to execute the integration and drive the synergies anticipated from combining these complementary businesses.