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Opus Merchant Banking Advises Destination Pet on Placement of Debt & Equity Growth Capital

October 10, 2017, 08:00 AM
Filed Under: Industry News

Opus Bank announced that its Merchant Banking division, through its broker-dealer subsidiary, Opus Financial Partners, served as financial advisor to Destination Pet, LLC, a provider of a broad array of pet care services, on its placement of $30 million of debt and equity growth capital. The financing was led by McLarty Capital Partners, an SBIC debt and equity provider to lower middle market companies. Opus Bank’s bank-sponsored SBIC Fund, Opus Equity Partners, which made a growth equity investment in Destination Pet earlier this year to support the company’s initial nine-location platform, also provided additional growth capital alongside McLarty’s financing. This transaction further highlights the capabilities of Opus Bank’s Merchant Banking platform as a one-stop principal investment and advisory solution.

Dale Cheney, President of the Merchant Banking division, stated, “We are excited to further our relationship with Shane Kelly and the rest of the Destination Pet team, and look forward to working alongside the company as it continues on its growth trajectory. The long-term capital solution provided by McLarty and Opus Equity Partners will enable Destination Pet to execute on its national expansion strategy through the continued acquisition and buildout of top-quality pet care facilities.”

Shane Kelly, CEO of Destination Pet, commented, “We are enthusiastic to partner with McLarty as we continue to grow the Destination Pet platform. The new financing from McLarty and the additional growth capital from Opus Equity Partners will allow us to bring the Destination Pet experience to an even greater number of pet owners and their pets.”

Parris Boyd, Principal of McLarty, added, “Destination Pet has built an incredible business supported by a clear growth strategy and a significant pipeline of acquisitions in the pet care space. We look forward to a successful partnership with Shane and his experienced team of executives as they expand Destination Pet to become a leading provider of pet care services.”

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