Houlihan Lokey Advises Arenus Animal Health
Houlihan Lokey is pleased to announce the sale of equine supplements provider Arenus Animal Health, a business unit of Hygain Group, to Revival Animal Health, a portfolio company of Incline Equity Partners. Houlihan Lokey acted as the sellside advisor to Hygain Group. Terms of the transaction were not publicly disclosed. This transaction closed on March 6, 2024.
Arenus Animal Health, headquartered in Fort Collins, Colorado, is a renowned equine supplements company specialising in innovative supplements and care solutions for horses. Founded on the principles of exact science and deep passion for horses, Arenus Animal Health has earned a reputation for excellence in developing premium supplements and liniments for horses, especially in the digestive wellness space.
Based in Australia, Hygain Group is a leading supplier of nutrition, health, and wellbeing products to the equine industry, known globally for its range of high-quality products. The company is owned by Adamantem Capital, a Sydney-based private equity firm.
Adamantem Capital is an Australian-based investment manager with market-leading capabilities in responsible and impact investing. Founded in 2016, Adamantem manages AUD$1.6 billion of assets across both private equity and public market strategies. Adamantem’s private capital business includes two mid-market buyout funds investing in Australia and New Zealand across four key sectors: consumer, healthcare, business services, and decarbonisation. Adamantem is based in Sydney, Australia, with a team of 35 professionals.
Incline plans to integrate Arenus into existing portfolio business Revival Animal Health, strengthening its platform to provide comprehensive and effective solutions for both horse and pet owners, trainers, breeders, dealers, animal welfare organisations, and veterinarians. By integrating Arenus' expertise in veterinary medicine and nutrition with Revival's extensive product offerings and distribution network, the combined entity will be uniquely positioned to address the evolving needs of animals and their caregivers.
Lynn Snodgrass, President and Chief Executive Officer of Revival Animal Health, expressed enthusiasm about the acquisition, stating, "We are thrilled to welcome Arenus Animal Health into the Revival family. Their dedication to scientific research, quality ingredients, and holistic animal care perfectly complements our own mission of improving the health and happiness of pets. Together, we will continue to innovate and deliver superior solutions that empower both horse and pet owners to provide the best possible care for their beloved companions."
Based in Pittsburgh, Pennsylvania, Incline Equity Partners specialises in making investments in middle-market growth companies. Incline values transparency, creative problem solving, and responsible stewardship, and it partners with established companies with opportunities for growth with enterprise values of US$25 million to US$750 million. Incline focuses on the industry sectors of value-added distribution, business services, and specialised light manufacturing.
Houlihan Lokey served as the exclusive financial advisor to Hygain Group and assisted in marketing the transaction, managing the transaction process, and negotiating the financial aspects of the deal on behalf of Hygain Group and its shareholders.
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