In a bold step to strengthen their mission and accelerate brand expansion, Pet Supplies Plus and Wag N’ Wash have officially separated from the Franchise Group, Inc., effective immediately. The change is a major restructuring intended to give the brands complete independence as a separate business entity.
“Even though we were already operating as an independent business, this decision allows us to chart our own course formally,” 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.”
With this change, both companies reiterate their commitment to expanding their businesses, supporting franchisee success, and increasing profitability. Additionally, they will keep up their dedication to providing their “neighbours” with superior goods and outstanding experiences, making sure pet owners have all they require to take care of their animals.
The successful completion of the brands’ first whole-business securitisation transaction provides additional support for the reorganisation. “This facility is the ideal debt structure for our franchised business, and helps set us up for continued growth in the future,” noted Dan McNamara, CFO of Pet Supplies Plus and Wag N’ Wash.
Paul, Weiss, Rifkind, Wharton & Garrison LLP was the company’s legal counsel, while Guggenheim Securities, LLC was the exclusive structuring advisor and placement agent for the financing. Pet Supplies Plus and Wag N’ Wash are well-positioned to lead their next phase of growth and innovation in the pet retail industry due to their restored independence and solid financial base.
