1、THE DEAL HOUNDExplore M&A Activity,Capital Market Conditions and Current Trends for the Pet Industry2H 2023Investment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.720.221.9220|SDRVENTURES.COMTHE DEAL HOUND2H 2023 2H 2023|VOL 15|ISSUE 2720.221.9220|SDRVENTURES.COMInves

2、tment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND 2H23:WHAT TO KNOW M&AM&A activityactivity inin thethe petpet servicesservices andand productsproducts sectorsectorappearedappeared toto taketake a a breatherbreather inin 20232023,a a yearyear f

3、ullfull ofofquestionsquestions aboutabout a a potentialpotential recession,recession,inflation,inflation,andandinterestinterestrateratehikeshikes.RisingRisingcostscostsandanduncertaintyuncertaintysqueezedsqueezed bothboth consumersconsumers andand producersproducers.TheThe petpet serviceservice anda

4、nd productproduct marketmarket hashas traditionallytraditionallyshownshown resilienceresilience.PetPet ownershipownership ratesrates havehave risenrisen steadilysteadilyoverover threethree decades,decades,andand producersproducers continuecontinue toto innovateinnovateandand developdevelop sustainab

5、lesustainable foodsfoods andand packagingpackaging whilewhile newnewmedicalmedical treatmentstreatments attractattract investorsinvestors andand consumersconsumers.TheThe“humanization”“humanization”ofof petspets treatingtreating petspets asas truetrue familyfamilymembersmembers continuescontinues in

6、in thethe U U.S S.,butbut nownow werewere seeingseeingthesethese attitudesattitudes creepcreep intointo otherother markets,markets,includingincluding thethebigbig marketsmarkets ofof ChinaChina andand IndiaIndia.PetPet OwnersOwners StillStill Spend,Spend,ButBut ThoseThose WalletsWallets WereWere Squ

7、eezedSqueezedinin 20232023Its a long-held tenet that the pet services and products sector is“recession proof,”immune to the laws of economic gravity.People lovetheir furry buddies,and they want whats best for them.But 2023,andperhaps 2024,may be testing pet parent wallets.Consumers have beenfighting

8、 inflation as pet product manufacturers deal with rising input costs.You cant address costs by suggesting someone“not feed your pet,”oneanalyst noted,but consumers can,and apparently did,seek less costlyprivate or off label nutrition and toys.And the“pet pandemic effect,”people adopting new friends

9、as they were working from home,may havepeaked.Still,more than two-thirds of American homes have a pet,and petownership rates have been rising for three decades.Were not sayinganyone will abandon their new loved ones,but we question if theyll berushing out to adopt more in the coming year.Animal shel

10、ters wrapped up2023 more crowded than they have been in years with a quarter of amillion more animals in shelters than at the end of 2022.1,2,3With pet adoption rates slowing,pet product profits in thepast yearappear to have been driven by price increases,not volume.The cost ofveterinary care was up

11、 9%in 2023,and the cost of pet food was up nearly6%,according to one estimate.Owning a pet is simply more expensive.Even as the economy settles into a new normal and eyes the potential“soft landing”pulled off by the Fed taming inflation without sparking arecession there remain challenges including g

12、lobal instability,continuedsupply chain stress,volatile fuel markets,and even the uncertainty of a(now expired)Farm Bill.Evidence is starting to show us pet parents may be“trading down”from premium products.We still love you,Fluffy,but2Established in 2002,SDR Ventures has developed deep M&A and capi

13、tal transaction knowledge and expertise.SDR offers transaction advisory,private capital formation and business consulting services across a wide range of industries.We serve business owners and operators of privately held companies and provide them with a professional-class experience.ABOUT SDRTrans

14、action ActivityActive BuyersPublic BasketM&A Market ActivityAbout SDR VenturesDEAL HOUND CONTACTSCONTENTSThe information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive.It is not to be construed as an offer or consultatio

15、n of an offer to sell or buy any securities.Scott MitchellScott MitchellManaging DirectorPet TLogan BohlenderLogan BohlenderVice PresidentPet TMorgan HoffmanMorgan HoffmanAssociatePet T720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA

16、and SIPC.THE DEAL HOUND2H 2023 2H 2023|VOL 15|ISSUE 23sometimes its Hamburger Helper instead of filet mignon.2,4,5Amid the uncertainty and unease,we saw a cooler M&A environment across the sector in 2023.6None of this is to say the pet services sector is in trouble.Maybe its just been napping in a s

17、unbeam.We continue to seeinnovations,and the resulting demand,in pet-tech such as wearables to monitor pet health and location,development innontraditional proteins,and the introduction of AI to help pet parents customize meal plans,health supplements,CBDproducts,and medications.Were even watching t

18、he development of“pet Ozempics,”drugs and supplements to helppets lose weight.Roughly 60%of cats and dogs in the U.S.are too fat,and the global pet obesity management market isexpected to top$2 billion in less than a decade.7,8,9,10,11The pet services sector always seems to have the energy of a Jack

19、 Russell terrier.Perhaps the market was simply bidingits time its time in 2023.Private equity investors are only now getting used to integrating AI to help deploy cash and areshowing interest in the sector.Were watching growing investment in pet medications.If Main Street investors have beencomforta

20、ble sitting on the couch and earning safe and finally significant returns in CDs and bonds,well see howtheyll react and where theyll invest if predicted rate cuts start to nip at those easy gains in 2024.10,12,13,14,15WhatWhat MattersMatters:PetPet HealthHealth(Beyond(Beyond thethe ConeCone ofof Sha

21、me)Shame)If inflation is squeezing the gap between the“humanization of pets”treating them as true members of the family andthe reality of higher costs dampens demand for toys and frivolities,we believe 2024 will offer an opportunity forproducers to focus on pet health.As the old American Lung Associ

22、ation campaign reminded us,“When you cantbreathe,nothing else matters.”As fate would have it,in addition to an epidemic of pet obesity,theres a new mysteryrespiratory illness afflicting dogs.Even if consumers cut back,we believe they will continue to focus on their pets overallhealth.And that may le

23、ad to new opportunities.16,17,18High tech pet health testing and monitoring is going mainstream.More than half of all dogs over 10 years old willdevelop cancer.Thats scary.But its also driving a new,potentially profitable,interest in testing.Already on the market,a startup called Oncotect is offerin

24、g dog urine testing kits to help vets understand cancer risks.Another company,Wisdom Panel,has a cat DNA screening test to look for potential disease risks at just$91.There are also wearables(thinkFitBit for Fido)for pets to help owners monitor their activity and even their urine output.And of cours

25、e,as in everysector,were seeing AI creep into the market to help crunch all that data.Yes,“VetGPT”is a real thing,helping petowners and veterinarians input photos and data to not only diagnose problems but also customize nutrition,identifyappropriate supplements,and develop holistic health plans for

26、 pets.Pet owners have proven to be reliable earlyadopters of tech innovations,making this an area to watch.19,20From inactivity and poor sleep habits to simply getting lost,wearable tracking collars are helping pet owners managetheir pets health through their cell phone and even connect that informa

27、tion directly to the veterinarian.Is thatoverthinking it?We dont judge.But the global pet wearable market is expected to see a 14%compound annual growthrate(CAGR)in this decade.Its already a market worth more than$2 billion annually.Not surprisingly,North America isleading the way in market share,bu

28、t were seeing increasing adoption across the Asia Pacific markets,includingAustralia,China,and India.21,22,23YouYou BarkBark WhatWhat YouYou EatEatWe continue to watch developments and opportunities in pet food and supplement development,both in nutrition andsustainability.The markets for pet nutrit

29、ion and health still hold up.Total annual U.S.spending on pet food is up morethan 12%,approaching$39 billion,according to the latest federal estimates.24Keep an eye on non-traditional pet foods and new technologies.AI-powered meal plans are creating customizable,evenplant-based,menus.“Board Certifie

30、d Veterinary Nutritionists”really exist and the requirements for certification areextensive.By one account,insect-based pet food products are expected to become the fastest growing consumer goodsmarket by 2030,and the big players are already in,including Nestl Purina and Mars.Increasingly,pet parent

31、s are720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND2H 2023 2H 2023|VOL 15|ISSUE 24overcoming the“ick factor”of bug-and yeast-based protein and are projecting their own desire for sustainability ontotheir pets

32、 food sources.Were also seeing a continuing demand for sustainable packaging,and producers are reactingand seeking out recyclable,biodegradable,or recycled packaging.These trends arent limited to the U.S.Watch as therest of the world adapts and embraces sustainable pet nutrition.25,26,27,28Beyond fo

33、od,were seeing continued investor interest in quality pet nutritional supplements and CBD products,with“quality”being the key word.As one analyst noted,some were concerned about the old“wild west”mentality in petsupplements and worry about increasing regulation in the space.Worth considering,as qual

34、ity-oriented producers mayhave an edge.Driving a renewed interest in pet CBD treatments is the increase in legitimate research by respectedagencies and the younger demographic of pet owners who tend to accept CBD more readily than their parents.CBD petproducts are expected to see nearly 32%CAGR by 2

35、030 with 40%of that revenue driven by e-commerce.29,30Looking past CBD,other supplements are always on the horizon.At the end of 2023 we saw Texas-based startup Aterraintroduce a 63-ingredient supplement claiming to support dog longevity.Other producers offer supplements for jointhealth,brain functi

36、on,digestion,and energy.31,32GimmeGimme YourYour PawPaw:MergersMergers andand AcquisitionsAcquisitions In August,we saw the French private equity firm PAI Partners acquire Denver-based Alphia,one of the largest petfood co-manufacturers in America,from J.H.Whitney Capital Partners.Alphia can produce

37、more than a billion poundsof dry pet food and treats annually on behalf of pet food brands,including premium brand Halo.Terms were notdisclosed,but the deal was estimated to be worth about$1 billion.33,34,35 Come here,Rover!In November,publicly traded online doggy daycare and services marketplace Ro

38、ver Group wasacquired by a private equity fund managed by Blackstone for$2.3 billion,a 61%premium for shareholders.Roverconnects customers to providers for dog walking,daycare,and dog sitting among other services.A senior Blackstoneexecutive said his firm sees a“significant runaway for growth”for Ro

39、ver as customers look for alternatives to askingfamily and friends to look after their pets while they travel or work.36 In another deal involving a private label co-manufacturer of pet foods,Post Holdings a consumer packaged goodsprovider acquired Perfection Pet Foods for$235 million.Perfection mak

40、es pet food and treats at its California facilityfor private label clients.Post,based in St.Louis,produces several human consumer goods including Peter Pan peanutbutter,Weetabix,and Bob Evans Farms brands.The acquisition of Perfection provides Post entry into private labelpet foods.37WhereWhere Will

41、Will thethe WildWild ThingsThings RoamRoam inin 20242024?Looking ahead this year is a little difficult in the pet services and products market,but we remain optimistic,if onlybecause people continue to love their pets.That may sound sentimental,but its a big factor thats hard to overlook.Thesector w

42、as a bit of a puzzle in 2023 thanks in part to rising costs both for consumers and producers.It sure felt as ifthere were fewer deals being made while uncertainty about the feds interest rate policy,consumer spending,andinflation muddied the waters.But what we continue to see is that innovation neve

43、r stops.If a product or service comes along that pet owners value,webelieve they will spend.The humanization of pets appears to have staying power and is driving demand for quality petcare,food,and sustainability across the sector.Pet adoption rates may have peaked,but all those new pets still needf

44、ood,medicine,and care.They arent going to disappear,and we believe demand for the products that fuel,maintain,nurture,and amuse those new family members will continue to push M&A activity across the pet services industry,fromveterinary practices to healthy foods,supplements,and even tech and toys.72

45、0.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND2H 2023 2H 2023|VOL 15|ISSUE 25TRANSACTIONS BY SEGMENTTRANSACTIONS BY TYPETRANSACTION ACTIVITY5 or more transactions3-4 transactions1-2 transactions0 transactionsSo

46、urce:PitchBook Financial Data and Analytics Note:This data represents recorded transactions only,and is not all-inclusive.Nevertheless,they are typically representative of the industry.TRANSACTIONS BY LOCATIONIf You Are a Business Owner Looking for Additional Transaction Activity If You Are a Busine

47、ss Owner Looking for Additional Transaction Activity Within Your Industry,Please Call Our Offices at 720.221.9220.Within Your Industry,Please Call Our Offices at 720.221.9220.DateTargetBuyer(s)SegmentDateTargetBuyer(s)SegmentAmount($in Mil)Amount($in Mil)TEV/RevTEV/RevTEV/EBITDATEV/EBITDA12/29/2023H

48、eskaGranite Creek Capital Partners,Pouilly Investment Co.,Veterinary Pharmaceutical SolutionsAnimal Health-12/15/2023Toppen HealthAion Therapeutic Animal Health12.00-12/1/2023Perfection Pet FoodsPost HoldingsCo-Packers235.00-11/29/2023Rover Group Blackstone Pet Care Services2,096.049.6x140.5x11/3/20

49、23TDBBSCentral Garden&Pet Pet Food and Treats-9/29/2023AlphiaPAI PartnersPet Food and Treats1,400.00-11/28/2023K9 Carts3GP Capital,Ashbridge Partners,Blue Dog DesignsHard Goods-7/1/2023Dookys Pet Waste RemovalScoop TroopPet Care Services0.050.0 x-Strategic35%Financial65%7 3 2 1 9 23 5 2 -5 10 15 20

50、25720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND2H 2023 2H 2023|VOL 15|ISSUE 26ACTIVE BUYERSMOST ACTIVE STRATEGIC BUYERSSELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGSSource:PitchBook Financial Data and Analyt

51、ics Note:This data represents recorded transactions only,and is not all-inclusive.Nevertheless,they are typically representative of the industry.FIRMPLATFORM COMPANYSELECT SUBSIDIARY BRANDSFIRMSELECT SUBSIDIARY BRANDS720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR C

52、apital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND2H 2023 2H 2023|VOL 15|ISSUE 27PET SEGMENTS VS.S&P 500Segment Market Cap Performance Running 12 MonthsPET FOOD AND TREATSSource:PitchBook Financial Data and AnalyticsRETAILERSPUBLIC BASKET-25%-20%-15%-10%-5%0%5%10%15%20%25%Dec-22 Jan-23 Feb-23 M

53、ar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23Pet Food&TreatsRetailersHard GoodsAnimal HealthS&P 500 Company NameSymbol Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/N

54、TM EBITDANestlNESN308,408$115.59$1.9%(0.4%)87.8%9.3%17.3%3.6x21.1x30.0 x3.3x15.6xColgate-PalmoliveCL65,631 79.71 12.1%1.2%97.1%4.2%17.3%3.9x22.3x41.7x3.7x15.1xGeneral Mills(Food Products)GIS36,992 65.14 1.8%(22.3%)71.7%(0.9%)19.4%2.4x12.6x15.8x2.5x11.8xThe J.M.Smucker Co.SJM13,414 126.38 2.8%(20.2%)

55、77.5%9.4%7.5%2.1x28.1xNM1.9x8.5xFreshpetFRPT4,184 86.76 31.7%64.4%97.6%31.9%1.4%6.0 xNMNM4.5x42.7xCentral Garden&PetCENT2,443 50.11 13.5%33.8%97.8%(2.1%)9.1%1.0 x11.1x21.3x1.0 xNMSegment Average10.6%9.4%88.2%8.6%12.0%3.2x19.0 x27.2x2.8x18.7xSegment Median7.5%0.4%92.4%6.8%13.2%3.0 x21.1x25.7x2.9x15.1

56、xSegment Average10.6%9.4%88.2%8.6%12.0%3.2x19.0 x27.2x2.8x18.7xSegment Median7.5%0.4%92.4%6.8%13.2%3.0 x21.1x25.7x2.9x15.1xMarket StatsMarket Stats Operating Stats Operating Stats LTM Multiples LTM Multiples NTM Multiples NTM Multiples Company NameSymbol Company NameSymbolMarket Cap($in Mil)Price($)

57、LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDATesco(UK)TSCO26,132$3.70$14.7%36.9%99.4%8.2%6.0%0.5x7.9x15.5x0.4x6.6xChewyCHWY10,194 23.63 29.4%(36.3%)44.7%3.7%0.8%0.9xNMNM0.9xNMPetco Health&Wellness CompanyWOOF848 3.16 (22.7%

58、)(66.7%)25.1%1.9%-14.7%0.6xNMNM0.6x10.4xPetzPETZ3367 0.82 (12.7%)(31.1%)50.4%21.7%15.7%0.9x5.9x59.8x0.8x5.9xSegment Average2.2%(24.3%)54.9%8.8%2.0%0.7x6.9x37.7x0.7x7.7xSegment Median1.0%(33.7%)47.6%5.9%3.4%0.7x6.9x37.7x0.7x6.6xSegment Average2.2%(24.3%)54.9%8.8%2.0%0.7x6.9x37.7x0.7x7.7xSegment Media

59、n1.0%(33.7%)47.6%5.9%3.4%0.7x6.9x37.7x0.7x6.6xMarket StatsMarket Stats Operating Stats Operating Stats LTM Multiples LTM Multiples NTM Multiples NTM Multiples 720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND2H

60、2023 2H 2023|VOL 15|ISSUE 28PUBLIC BASKET(CONTINUED)HARD GOODSANIMAL HEALTHSource:PitchBook Financial Data and Analytics Company NameSymbol Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM

61、 EBITDAChurch&Dwight CompanyCHD23,298$94.56$3.2%17.3%94.1%4.8%15.4%4.4x28.3xNM4.1x18.0 xThe Clorox CompanyCLX17,690 142.59 8.8%1.6%80.0%3.9%6.6%2.9x44.2xNM2.8x16.7xSpectrum BrandsSPB2,817 79.77 1.8%30.9%93.6%-1.2%-3.8%0.9xNMNM0.9x8.8xCentral Garden&PetCENT2,443 50.11 13.5%33.8%97.8%-2.1%9.1%1.0 x11.

62、1x21.3x1.0 xNMOil Dri Corporation Of AmericaODC490 67.08 8.6%100.0%91.3%NM13.7%1.2x8.6x13.8xNMNMDogness(International)Co.DOGZ10 5.09 (45.9%)(74.0%)21.6%269.6%-22.8%1.4xNMNM0.4xNMSegment Average(1.6%)18.3%79.7%55.0%3.0%2.0 x23.1x17.6x1.9x14.5xSegment Median5.9%24.1%92.4%3.9%7.8%1.3x19.7x17.6x1.0 x16.

63、7xSegment Average(1.6%)18.3%79.7%55.0%3.0%2.0 x23.1x17.6x1.9x14.5xSegment Median5.9%24.1%92.4%3.9%7.8%1.3x19.7x17.6x1.0 x16.7xMarket StatsMarket Stats Operating Stats Operating Stats LTM Multiples LTM Multiples NTM Multiples NTM Multiples 720.221.9220|SDRVENTURES.COMInvestment Banking and Securities

64、 Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND2H 2023 2H 2023|VOL 15|ISSUE 29U.S.M&A ACTIVITY SNAPSHOTSource:GF DataSource:GF DataOVERALL U.S.M&A ACTIVITYNote:The most current source of GF Data is as of Nov 2023.LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTION MULTIPLESE

65、BITDA Multiples By Transaction SizeCAPITAL BREAKDOWN LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTIONSSource:PitchBook Financial Data and Analytics$0.00M$200.0B$400.0B$600.0B5001,5002,5003,5004,5002022 Q42023 Q12023 Q22023 Q32023 Q4Deals ClosedDeals ClosedCapital Invested47%54%42%50%10%10%11%9%43%36%4

66、7%41%39%42%42%30%9%11%9%12%52%47%49%58%35%36%37%41%8%9%5%7%57%55%58%52%47%39%36%32%6%7%10%4%47%54%55%64%0%20%40%60%80%100%Senior DebtSub DebtEquity2020202220212023720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUN

67、D2H 2023 2H 2023|VOL 15|ISSUE 210SDR SERVICE OFFERINGSPRIVATE CAPITAL FORMATIONSELL-SIDE ADVISORYBUY-SIDE ADVISORYSTRATEGIC CONSULTINGCOMPREHENSIVE PET EXPERTISEThe pet industry has become a hot space in recent years,but we have been involved in the industry for over a decade.Our experience and driv

68、e have placed us at the leading edge of information in the market,giving you an advantage when the time comes to buy,sell or seek investments to grow your pet-related business.Our pet industry investment banking expertise includes the following segments:SELECT TRANSACTION EXPERIENCESDR has completed

69、 numerous transactions throughout the pet industry,including:CONTACT US Pet Food Retailers Hard Goods Animal Health Veterinary Services Pet Care Services Co-Packers Pet Treats Pet TechScott MitchellScott MitchellManaging DirectorPet TLogan BohlenderLogan BohlenderVice PresidentPet TMorgan HoffmanMor

70、gan HoffmanAssociatePet T720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND2H 2023 2H 2023|VOL 15|ISSUE 2ADDITIONAL REFERENCES111.“What The Recession-Proof Pet Care Category Shows About Retail Ecommerce,”Insider

71、Intelligence eMarketer,Sara Lebow,Jun.15,2023 https:/ 2.“As The Pandemic Adoption Boom Cools,Pet Shelters Overflow,”Washington Post,Jacob Bogage,Dec.25,2023 https:/ Ownership Statistics 2024,”Forbes,Michelle Magna and Ashlee Tilford,Jan.3,2024 https:/ Of Pet Food Future Warns 2024 May Be A Scrooge,”

72、Petfood Industry,Tim Wall,Dec.15,2023 https:/ 5.“Heres How The Houthi Attacks In The Red Sea Threaten The Global Supply Chain,”CNBC,Lori Ann LaRocco,Dec.18,2023 https:/ 6.“Pet Food Industry M&A Appetites Slow In 2023,”Petfood Industry,Lisa Cleaver,Dec.18,2023 https:/ 7.“Pet Wearable Market Set To Fe

73、tch A Whopping$2.5 Billion By 2028,Says Marketwide Research,”News Release,Marketwide Research,accessed Jan.6,2024 https:/ Best Pet Trackers&GPS Dog Collars of 2024(Reviewed&Tested Over 30 Models),”Technobark,Mark Braeden,Jan.2,2024 https:/ Industry Trends For 2024,”Pet Exec,Oct.20,2023 https:/ 10.“P

74、et Obesity Management Market,By Pet Type(Dogs,Cats,And Others),By Product Type(Weight Loss Diets,Supplements,And Drugs),And By Region Forecast To 2032,”ReportsAndD,accessed Jan.6,2024 https:/ 11.“2022 State Of U.S.Pet Obesity Report,”Association for Pet Obesity Prevention,accessed Jan.6,2024 https:/

75、www.petobesityprevention.org/state-of-pet-obesity-report 12.“Top Five Private Equity Trends In 2024,”EY,Timothy Tracy and Ivan Lehon,Dec.1,2023 https:/ 13.“PE-Backed Thrive Foods Acquires Pet-Food Business Canature,”Just Food,Henry Mathieu,Dec.13,2023 https:/www.just- 14.“Investors Are Finally Makin

76、g Money On Bonds And CDs.Be Prepared To Pay Taxes,”Wall Street Journal,Ashlea Ebeling,Aug.23,2023 https:/ 720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND2H 2023 2H 2023|VOL 15|ISSUE 2ADDITIONAL REFERENCES(CONT

77、INUED)1215.“The Fed Is Expected To Cut Interest Rates In 2024.Heres How Investors Can Prepare,”CNBC,Greg Iacurci,Jan.3,2024 https:/ 16.“Pet Insurance Market Growth Is Projected By Growing Trend Of Pet Humanization And Increasing Awareness About Pet Insurance,”Medium,Mia Yates,Jan.4,2024 https:/ 17.“

78、When You Cant Breathe,Nothing Else Matters,”American Lung Association,Jun.2,2020 https:/www.lung.org/media/press-releases/george-floyd 18.“Canine Respiratory Disease Outbreaks Canine Respiratory Disease Of Unknown Origin,”Cornell University,Richard P.Riney Canine Health Center,accessed Jan.6,2024 ht

79、tps:/www.vet.cornell.edu/departments/riney-canine-health-center/canine-health-information/canine-respiratory-disease-outbreaks 19.“10 Pet Trends Pups,Cats&Humans Alike Will Pounce On In 2024,”Pure Wow,Sarah Ashley,Nov.29,2023 https:/ 20.“The Promising Potential Of AI Tools In Veterinary Medicine,”Fo

80、rbes,Alexandre Douzet,Jun.5,2023 https:/ 21.“The Best Pet Trackers And GPS Dog Collars For 2024,”PC Magazine,Eric Griffith and Angela Moscaritolo,Nov.24,2023 https:/ 22.“AI FOR PET Introduces A Seamless Data-Sharing Solution Between Pet Parents And Veterinarians,”PR Newswire via Yahoo Finance,Jan.3,

81、2024 https:/ 23.“Pet Wearable Market Size,Share&Trends Analysis Report By Technology(RFID,GPS,Sensors),By Application(Identification&Tracking,Behavior Monitoring&Control),By Region,And Segment Forecasts,2023 2030,”Grand View Research,accessed Jan.6,2024 https:/ Pet Food Spending Increased By Double

82、Digits In 2022,”Petfood Industry,Debbie Philips-Donaldson,Oct.6,2023 https:/ 25.“Whats In A Name?What Is A Board Certified Veterinary Nutritionist And Why Does It Matter?”Tufts University,Lisa M.Freeman,DVM,PhD,Jun.21,2023(Nutrition)https:/vetnutrition.tufts.edu/2023/06/whats-in-a-name-what-is-a-boa

83、rd-certified-veterinary-nutritionist-and-why-does-it-matter/26.“PAWCO Launches Ai-Powered Dog Food:Healthier And More Affordable,”PR Newswire via Marketwatch,Jan.4,2024 https:/ 27.“Insect-Based Pet Food Market 2023 Fastest Growing Industry In Consumer Goods Market By 2030,”Innovative Market Research

84、 via LinkedIn,Dec.20,2023 https:/ Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND2H 2023 2H 2023|VOL 15|ISSUE 2ADDITIONAL REFERENCES(CONTINUED)1328.“Pet Food Trends To Watch In 2024,”Petfood Processing,Jordan Tyler,Dec.22,2023 https:/ 29.“Trends In

85、 The Pet Consumer Product Market,”Class VI Partners,Apr.26,2023 https:/ CBD Pet Market Report 2023 To 2030:Featuring Honest Paws,Canna-Pet,Fomo Bones,Pet Releaf And Holistapet Among Others,”PR Newswire,Research And Markets,Mar.1,2023 https:/ 31.“Arterra Launches New Dog Longevity Supplement,”Longevi

86、ty Technology,Eleanor Garth,Dec.18,2023 https:/longevity.technology/news/arterra-launches-new-dog-longevity-supplement/32.“7 Best Dog Nutrition Supplement In 2024,”Discover Magazine,Amber Smith,Dec.31,2023 https:/ 33.“PAI Partners To Acquire Alphia,”PAI Partners,Aug.23,2023 https:/ To Make Halo Bran

87、d Superpremium Pet Foods,”Petfood Industry,Tim Wall,Jun.22,2023 https:/ 35.“Private Equity Firm PAI Partners To Buy Pet Food Maker Alphia,”Reuters,Abigail Summerville,Aug.24,2023 https:/ Agrees To Be Acquired By Blackstone In$2.3 Billion Transaction,”Rover,Nov.29,2023 https:/ 37.“Post Holdings To Acquire Perfection Pet Foods,”Post Holdings,Oct.10,2023 https:/