Canopy Capital Partners Announces Creation of Pet Product Distribution Platform with Acquisition of Pet Palette Distribution

Tampa, FL, July 12^th, 2024 — Canopy Capital Partners, a Tampa-based private equity firm focused on the lower-middle market, is pleased to announce that it has acquired Pet Palette Distribution, a leading national wholesale distributor of high-quality pet products for the independent pet retailer community. This entry into the pet products market represents the culmination of significant time and energy spent identifying a foundational asset in the space and marks the launch of a new pet-product focused investment thesis for the firm and its partners.

Chris Miller, an experienced leader in the consumer products and pet retail industry, brings his vision and expertise to Pet Palette as its new CEO. Prior to joining Pet Palette, Chris successfully led Boss Pet Products, Inc. in acquiring and turning around PetEdge Inc., a leading professional pet grooming supplies and consumer pet products eCommerce company. Chris is now focused on leveraging Pet Palette’s strong customer base and driving growth with renewed energy and strategic direction.

“Pet Palette is renowned for its expertly curated assortment of quality pet product brands, outstanding customer service, and impeccable operations,” said Miller. “We are thrilled to partner with our valued customers and the veteran management team to build on the strong foundation that has been established. Our goal is to innovate new products, expand business channels, and meet the evolving needs of our diverse customer base, including expanding into complementary product verticals such as pet grooming.”

Based in Sykesville, MD, and in business for over 15 years, Pet Palette has built a strong reputation within the independent pet retail community. The Company’s core mission has always been to be a true value-add partner to both retailers and manufacturers, focusing on maintaining a wide selection of high-quality products, staying responsive to market trends, and delivering top-notch customer service.

“This is a fantastic opportunity for our amazing customers, employees, and associates,” said Dr. Bruce Herwald, VMD, founder of Pet Palette. “With these new resources, we can accomplish many of the initiatives we have always envisioned and continue to serve our customers better than ever.”

“We’ve been searching for the right business and partner to kick off our investment thesis in the pet space, and we believe Pet Palette, under Chris Miller’s leadership, is the perfect fit,” commented Beckett Brandewie, Principal at Canopy Capital Partners. “We are excited to support the business and Chris’ vision for creating an ecosystem of the highest quality pet products and brands aligned with customers' wide-ranging needs.”

Pet Palette represents the fifth transaction of 2024 for Canopy Capital Partners, being preceded by two portfolio exits and two new platform investments. The firm currently has six active portfolio companies and is actively seeing bolt-on acquisitions for all platform strategies.

Canopy Capital Partners was represented by Hill Ward Henderson during the transaction.

About Pet Palette Distribution
Pet Palette Distribution, headquartered in Sykesville, MD, has been serving an extensive array of customers for over 15 years. The business focuses on distributing high-quality pet products, including toys, leashes, bowls, apparel, shampoo, treats, and health and wellness offerings. Pet Palette is actively seeking additional partnerships throughout the pet products industry. Business owners interested in partnering or learning more about Pet Palette are encouraged to reach out to Chris Miller chris@petpalette.com or visit www.petpalettedistribution.com.

About Canopy Capital Management, LLC

Investing since 2015, Canopy Capital Partners (“Canopy”) is a private equity investment firm based in Tampa, Florida. Canopy partners with management teams and companies experiencing generational ownership transfers in lower-middle market management buyouts, recapitalizations and growth equity investments.  Canopy invests in companies with at least $10 million of revenue and $2 million of pre-tax earnings.  For more information, please visit the firm's website at www.CanopyCP.com.