一、促进会的会员由团体会员和个人会员组成。
二、申请加入本会的会员须具备如下条件:
1. 拥护本团体的章程;
2. 有加入本团体的意愿;
3. 在本团体的业务(行业、学科)领域内具有一定的影响;
4. 有良好的诚信、契约与合作精神;
5. 愿意为产业的健康发展贡献力量,并承担更多社会任。
三、会员入会的程序是:
1. 提交入会申请书;
2. 经理事会讨论通过;
3. 理事会闭会期间,经常务理事会讨论通过;
4. 由理事会或理事会授权机构发给会员证。
四、会员享有下列权利:
1. 本团体的选举权、被选举权和表决权;
2. 参加本团体的活动;
3. 获得本团体服务的优先权;
4. 对本团体工作的批评建议权和监督权;
5. 入会自愿,退会自由。
五、会员履行下列义务:
1. 遵守本团体的决议;
2. 维护本团体的合法权益;
3. 完成本团体交办的工作;
4. 按规定交纳会费;
5. 向本团体反映情况,提供有关资料。
六、会员退会应书面通知本团体,并交回会员证。会员如1年不交纳会费或不参加本会活动的,视为自动退会。
七、会员如有严重违反本章程的行为,经理事会或常务理事会表决通过,予以除名。
八、个人会员仅限本会邀请。
“We are having our best year ever.”
“We can’t keep enough product in stock to satisfy demand.”
“We just had another record month.”
These are among the many quotes I hear from pet companies across all spectrums of our industry. While COVID-19 has wreaked havoc on the health and finances of many Americans, it has been a boon to the pet industry, proving once more that our wonderful industry truly is recession resistant. As always, this gets the attention of pet industry investors and buyers.
“我们正在度过有史以来最好的一年。”
“我们无法保持足够的产品库存来满足需求。”
“我们刚刚度过了另一个创纪录的月份。”
这些是我从我们行业各个领域的宠物公司那里听到的众多报价之一。尽管 COVID-19 对许多美国人的健康和财务造成了严重破坏,但它对宠物行业来说是一个福音,再次证明我们这个美好的行业确实能够抵御衰退。与往常一样,这引起了宠物行业投资者和买家的关注。
With over 25 announced pet industry transactions in the last year, M&A activity shows no indication of slowing down. Whitebridge’s acquisition of Grizzly Pet Products, BrightPet of MiracleCorp and Prairie Dog Pet acquiring Himalayan Pet Chews are just a few examples of recent activity. Our firm, BirdsEye Advisory Group, has also experienced a record year, closing three transactions since October 2020, with two more in the pipeline.
去年宣布的宠物行业交易超过 25 笔,并购活动没有放缓的迹象。Whitebridge 收购 Grizzly Pet Products、BrightPet 收购 MiracleCorp 和 Prairie Dog Pet 收购 Himalayan Pet Chews 只是近期活动的几个例子。我们公司 BirdsEye 咨询集团也经历了创纪录的一年,自 2020 年 10 月以来完成了三笔交易,还有两笔正在筹备中。
So why this continued, intense focus on pet companies?
那么,为什么会持续、强烈地关注宠物公司呢?
From my perspective as a 34-year veteran of the pet industry, including 12 years as an M&A advisor focused exclusively on pet, the reasons are clear: It started with the Baby Boomers treating their pets like children, picked up further steam because Millennials are delaying having children – and thus focusing their spending on their pets – and peaking with COVID making it obvious that pets bring us the joy and unconditional love we need to get us through the extremely rough patch over the last year.
从我作为宠物行业 34 年的资深人士的角度来看,包括 12 年的专注于宠物的并购顾问,原因很明显:婴儿潮一代开始像对待孩子一样对待他们的宠物,因为千禧一代是推迟生孩子——从而将他们的开支集中在他们的宠物身上——并在 COVID 达到顶峰,这表明宠物给我们带来了快乐和无条件的爱,我们需要让我们度过过去一年中极其艰难的时期。
Increased activity is also as a result of the sense of urgency instilled in owners when it was announced that the Biden administration will likely increase the capital gains tax rate in the next year or so, potentially doubling it from the current max of 20 percent. Many founders/owners who are hoping to exit their business soon are pushing their timeline up to minimize the tax consequences of a sale.
当宣布拜登政府可能会在明年左右提高资本利得税税率时,业主的紧迫感也会增加,这可能会使目前的最高税率 20% 翻一番。许多希望尽快退出业务的创始人/所有者正在加快他们的时间表,以尽量减少出售的税收后果。
Another persistent theme I have heard from both clients looking to sell and companies looking to acquire is that smaller companies are finding it hard to compete in the current environment. Per David Blatte, chairman of the board of Worldwise Corporation, escalating vendor and operating cost increases are becoming hard to pass on to their customers, resulting in a loss of profitability.
我从希望出售的客户和希望收购的公司那里听到的另一个持久主题是,小公司发现在当前环境中难以竞争。根据 Worldwise Corporation 董事会主席 David Blatte 的说法,不断升级的供应商和运营成本增加正变得难以转嫁给他们的客户,从而导致盈利能力下降。
“You need scale to make it in today’s environment,” Blatte says. “For example, freight rates have more than tripled and it is still hard to secure containers. The lead times have increased substantially – so the little guys will continue to get squeezed out.”
“你需要规模才能在当今的环境中实现它,”布拉特说。“例如,运费上涨了两倍多,但仍然很难确保集装箱的安全。交货时间已大大增加——因此小家伙将继续被挤出市场。”
According to Bill Broun, vice president at Nestle Purina in charge of M&A, there are a number of factors driving activity, including pent up demand coupled with the fact that the pet industry has performed extremely well in the last year.
雀巢普瑞纳负责并购的副总裁 Bill Broun 表示,推动活动的因素有很多,包括被压抑的需求以及宠物行业在去年表现非常出色的事实。
“Companies are looking to capitalize on strong results in a robust valuation environment with tons of money, both private equity and strategic, chasing a hot category,” Broun said. When asked how long he anticipates this flurry of activity to continue, he said he thinks this will likely last at least through 2021. “I concur, and propose that it will likely last a few more years, as I see no signs of the market slowing down,” he added.
“公司正在寻求在强劲的估值环境中利用大量资金(包括私募股权和战略资金)中的强劲业绩,追逐热门类别,”布劳恩说。当被问及他预计这一系列活动将持续多长时间时,他说他认为这可能至少会持续到 2021 年。“我同意并建议它可能会持续几年,因为我没有看到市场迹象放慢速度,”他补充道。
Speaking of private equity, their interest in pet is as strong as ever, according to Adam Fuchs, principal at A&M Capital Partners and board member at BrightPet Nutrition Group. “We love the macro trends in the pet industry. It is stable and growing, driven by an increased focus on pet wellness, nutrition and health that has resulted from the shift to treating our pets like family members,” Fuchs said. “We also love the current fragmentation that is creating opportunities for companies to combine forces and unlock the benefits of scale, create more jobs, and benefits for customers and shareholders.”
A&M Capital Partners 的负责人兼 BrightPet Nutrition Group 的董事会成员 Adam Fuchs 表示,说到私募股权,他们对宠物的兴趣与以往一样强烈。“我们喜欢宠物行业的宏观趋势。由于对宠物健康、营养和健康的关注日益增加,这一趋势稳定且不断增长,这是因为我们将宠物视为家庭成员。”Fuchs 说。“我们也喜欢当前的碎片化,它为公司创造了联合力量并释放规模效益、创造更多就业机会以及为客户和股东带来利益的机会。”
The question I can always count on getting when speaking with owners is “what multiples are you seeing right now?”
与业主交谈时,我总是可以指望得到的问题是“你现在看到的倍数是多少?”
It depends on a variety of factors, primarily: growth rate (which doesn’t seem to be an issue for most companies right now), strength of brand, gross margins and lack of customer concentration. Also, companies that have direct-to-consumer business are realizing higher valuations than those going through the traditional brick-and-mortar channels. For consumable companies hitting on all cylinders, they can count on a range of 8 to 12 times EBITDA, with some getting even higher. Durables are slightly lower, since there isn’t the potential for recurring revenue. Multiples are definitely at the highest level I have seen in the 12 years I’ve been a pet-industry investment banker.
这取决于多种因素,主要是:增长率(目前这对大多数公司来说似乎不是问题)、品牌实力、毛利率和缺乏客户集中度。此外,与通过传统实体渠道的公司相比,拥有直接面向消费者业务的公司实现了更高的估值。对于全能型消耗品公司而言,他们可以指望 EBITDA 的 8 到 12 倍,有些甚至更高。耐用品略低,因为没有经常性收入的潜力。倍数绝对是我从事宠物行业投资银行家 12 年以来所见过的最高水平。