April 18, 2014 8:13 AM ET

Food Products

Company Overview of Big Heart Pet Brands

Company Overview

Big Heart Pet Brands, together with its subsidiaries, produces, distributes, and markets branded pet food and pet snacks for retail market in the United States. It offers branded and private label dry and wet pet food, and pet snacks under Meow Mix, Kibbles ‘n Bits, Milk-Bone, 9Lives, Natural Balance, Pup-Peroni, Gravy Train, Nature’s Recipe, Canine Carry Outs, Milo’s Kitchen, and other brand names. The company was formerly known as Del Monte Corporation and changed its name to Big Heart Pet Brands in February 2014. Big Heart Pet Brands is based in San Francisco, California.

One Maritime Plaza

San Francisco, CA 94111

United States

7,600 Employees

Phone:

415-247-3000

Key Executives for Big Heart Pet Brands

Chief Executive Officer
Age: 50
Chief Financial Officer
Age: 50
Chief Operations Officer and Executive Vice President
Age: 48
Chief Growth Officer and Group Executive Vice President
Age: 65
Senior Vice President and General Manager of Consumer Business Unit
Age: 51
Compensation as of Fiscal Year 2013.

Big Heart Pet Brands Key Developments

Big Heart Pet Brands Announces Introduction of Milk-Bone(R) Brushing Chews Dental Treats

Big Heart Pet Brands announced the introduction of Milk-Bone(R) Brushing Chews(TM) dental treats. When fed daily, Milk-Bone(R) Brushing Chews(TM) dental treats are clinically proven to be as effective as brushing a dog's teeth twice per week based on the reduction of tartar and bad breath. Milk-Bone(R) Brushing Chews(TM) are so effective that they have earned the trusted Veterinary Oral Health Council's (VOHC) Seal of Acceptance, the pet industry's equivalent of the American Dental Association (ADA) Seal, for retarding calculus accumulation. The new product will be available wherever Milk-Bone(R) products are sold. Milk-Bone(R) Brushing Chews(TM) dental treats give pet parents a clinically-proven, easy and affordable solution to help take care of their dog's oral health. This transformative new product extends what Milk-Bone(R) has represented for over 100 years - celebrating the loving connection pet parents share with their dogs. Milk-Bone(R) Brushing Chews(TM) dental treats come in a package designed to be reminiscent of a toothpaste box. Each product package features a recommendation for annual veterinary dental check-ups and the VOHC's recommendation of daily brushing for optimal effectiveness, as well as the support of the VOHC Seal of Acceptance. Milk-Bone(R) Brushing Chews(TM) will be offered in two sizes: Mini, for dogs 5-24 pounds; and Small/Medium, for dogs 25-74 pounds, as well as a value size box. The suggested retail price is between $4 and $5 per box.

Blue Acquisition Group, Inc., Big Heart Pet Brands and Natural Balance Pet Foods, Inc. Enter into a Senior Secured Asset-Based Revolving Credit Agreement

On March 6, 2014, Blue Acquisition Group, Inc., Big Heart Pet Brands and Natural Balance Pet Foods, Inc. entered into a new senior secured asset-based revolving credit agreement with the lenders from time to time parties thereto and JPMorgan Chase Bank, N.A., as administrative agent, that provides for a $225.0 million senior secured asset-based revolving facility with a five-year term. Availability under the ABL Facility is subject to a borrowing base. The borrowing base at any time will be equal to 85% of eligible accounts receivable and 85% of the net orderly liquidation value percentage of eligible inventory of the borrowers under the facility at such time, less customary reserves. The ABL Facility includes a sub-limit for letters of credit and for borrowings on same-day notice, referred to as swingline loans. The company is the lead borrower under the ABL Facility, NBPF is also a borrower and other domestic subsidiaries of the Company may be designated as borrowers on a joint and several basis. The loans under the ABL Facility bear interest at a rate equal to an applicable margin, plus, at the borrower’s option either a LIBOR rate for the applicable interest period or a base rate equal to the federal funds rate plus 0.50%, JPMorgan Chase Bank, N.A.’s 'prime rate' and the one month LIBOR rate plus 1.00%. The applicable margin with respect to LIBOR borrowings will, until the date that is 3 months after the closing date, be 1.50% and with respect to base rate borrowings will, until the date that is 3 months after the closing date, be 0.50%.

Del Monte Corporation Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended January 26, 2014

Del Monte Corporation reported consolidated unaudited earnings results for the third quarter and nine months ended January 26, 2014. For the quarter, the company reported net sales of $575.7 million compared with $527.0 million for the same period last year. Operating income was $82.4 million compared with $65.1 million for the same period last year. Income from continuing operations before income taxes was $24.2 million compared with loss from continuing operations before income taxes of $4.3 million for the same period last year. Income from continuing operations was $15.6 million compared with loss from continuing operations $1.5 million for the same period last year. Net income was $34.2 million compared with $28.3 million for the same period last year. Total Adjusted EBITDA increased $1.5 million to $165.5 million. For the nine months, the company reported net sales of $1,608.7 million compared with $1,482.3 million for the same period last year. Operating income was $220.4 million compared with $150.3 million for the same period last year. Income from continuing operations before income taxes was $53.4 million compared with loss from continuing operations before income taxes of $18.1 million for the same period last year. Income from continuing operations was $28.4 million compared with loss from continuing operations $8.5 million for the same period last year. Net loss was $38.6 million compared with $8.5 million for the same period last year. Net cash used in operating activities was $76.7 million compared with net cash from operating activities $112.2 million for the same period last year. Capital expenditures were $64.5 million compared with $62.7 million for the same period last year. Total Adjusted EBITDA increased 1.8% to $447.0 million.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 10, 2013
Del Monte Corporation, Consumer Products Business
Merger/Acquisition
May 22, 2013
Natural Balance Pet Foods, Inc.
 

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