AutoPets, manufacturer of the Litter-Robot, the highest rated self-cleaning cat litter box on the market, and the Litterbox. Com, the destination for cat parents, today announced a significant investment of more than $31M from an investor group led by Pondera Holdings, an operationally-focused holding company providing growth capital to private, entrepreneurial enterprises. The investment was made to accelerate the already impressive growth of the company and also to provide the company’s founders with a liquidity event.
AutoPets, founded in 1999 by Brad Baxter and his father, Jim Baxter, has experienced unprecedented growth since 2015. The 20-year-old company’s revenue jumped from approximately $7M in 2015 to an estimated $40M in 2019. In 2015, Brad Baxter recruited Jacob Zuppke as vice president to help rebrand AutoPets and launch the new Litter-Robot designed by Baxter. Together, Baxter and Zuppke have led the company through this growth wave. In addition to the investment, Zuppke has been promoted to Executive Vice President and Chief Operating Officer and is now shareholder and member of the AutoPets Board of Directors. Baxter remains Chief Executive Officer, a significant shareholder, and a member of the AutoPets Board of Directors.
“Over the last five years, AutoPets has stalled the company with significant revenue growth, debt-free. Looking ahead, we recognized that bringing a strategic financial partner together could help to further accelerate our progress,” Zuppke said.
To support accelerated growth of the company, AutoPets has entered into a long-term lease agreement for an 8-acre, 50,000-square-foot building in Auburn Hills to develop its corporate campus to accommodate the growing AutoPets team and product development initiatives. At the same time, AutoPets is doubling its Juneau, Wisconsin manufacturing and shipping facilities from 33,000 square feet to 63,000 square feet.
Not only will the company launch a new robot product line in 2020, it has also recently launched Litterbox. Com, an all-new cat parent destination offering more than 120 unique, high-quality cat products, as well as a new line of modern cat furniture.
“It’s a really exciting time for AutoPets,” Baxter said. “This has been the case for 20 years, and it is very satisfying to see that the foundation laid is paying off in terms of launching the company into its next phase of growth and development. “That’s right.
“Pondera is absolutely thrilled to partner with Brad, Jacob, and the AutoPets team,” said Seth Barkett, a partner at Pondera Holdings. “A significant opportunity exists in front of the company to change the future of pet care. Brad and Jacob are thoughtful and talented leaders with a vision that we believe in, and we look forward to supporting them as pioneers in the global emergence of innovative IoT pet appliances, technologies, and products that change pet parenting for the better. “That’s right.
Pondera Holdings currently has a number of portfolio investments Investments in the past include Dollar Shave Club and Dash Financial
For more information on AutoPets, please visit www Robot litter Com/about us HTML html
Visit www for more information on Pondera Holdings The weightings Come on,
On the AutoPets
AutoPets, inventor, manufacturer and retailer of Litter-Robot, is an international leader in the development of highly functional pet products that make pet care easier and more enjoyable. Launched in 1999 by the founder and President Brad Baxter, the Litter-Robot is the most highly rated automatic, self-cleaning litter box on the market. AutoPets is Inc. 2017/2018/2019 5000 company based in Auburn Hills, Michigan, with 90+ dedicated staff dedicated to improving the future of pet care. For more information on AutoPets, please visit www Robot litter Com/about us HTML html
About Pondera Holding
Pondera Holdings LLC is an operationally-focused holding company that provides capital to private, entrepreneurial enterprises. With each investment, our objective is to create value for employees, customers, communities and our shareholders. Pondera’s directors serve as active board members of portfolio companies and, in certain situations, will play an active management role. As a permanent capital holding company, we are not constrained by the fixed time horizon of the traditional private equity fund. This structure is advantageous to all stakeholders because it allows for a long-term strategic approach to building and maximizing value. Visit www for more information on Pondera Holdings The weightings Come on,
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