The move is designed to “prioritize business growth, franchisee success.”
By Andrew Carlo
Two pet franchise brands announced that they have reorganized in an effort to spark growth.
Pet Supplies Plus and Wag N’ Wash reported that they have reorganized and separated from the Franchise Group, Inc. The move is effective immediately with the two brands now operating as an independent corporate entity.
The business operations of both brands were already operating separately from the Franchise Group with each having an independent board and ownership. Franchise Group is an owner and operator of franchised and franchisable businesses with over 1,000 locations.
“Even though we were already operating as an independent business, this decision allows us to formally chart our own course,” said Chris Rowland, CEO of Pet Supplies Plus and Wag N’ Wash. “The separation empowers us to accelerate our franchise development goals, simplify our operational structure, and ensure we are all working toward a shared goal.”
This transition was completed through an inaugural securitization financing. The low fixed-rate debt will reduce the entity’s overall interest expense.
Looking ahead, Pet Supplies Pus and Wag N’ Wash said it will continue to “prioritize business growth, franchisee success and profitability, and most importantly, deliver the best products and experience to neighbors so they can continue to care for their pets.”
Pet Supplies Plus has over 725 locations and offers natural pet foods, goods, and services. Wag N’ Wash Natural Pet Food & Grooming is a full-line dog grooming and self-wash specialty retail destination with 26 locations. The brand provides full-service grooming, self-wash facilities, baked dog treats, natural food, supplements, and toys.
“We are pleased to close our first whole-business securitization transaction – this facility is the ideal debt structure for our franchised business, and helps set us up for continued growth in the future,” added Dan McNamara, CFO of Pet Supplies Plus and Wag N’ Wash.
Guggenheim Securities, LLC acted as sole structuring advisor and sole placement agent in connection with the financing, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as the Company’s legal advisor.
Both Pet Supplies Plus and Wag N’ Wash said they actively seeking single and multi-unit owners to join their growing families. To learn more about the Pet Supplies Plus franchise opportunity, visit petsuppliesplusfranchising.com. To learn more about the Wag N’ Wash franchise opportunity, visit wagnwashfranchising.com.
