USA- Tropikal Pet A.S., a pioneering Turkish pet food producer, has unveiled plans to penetrate the lucrative United States market following a significant funding agreement worth US$9 million with Eminova Holdings International.
The announcement, made on March 4th, marks a pivotal moment for the company as it charts a course for expansive growth.
Established in 1999, Tropikal Pet initially carved its niche as an importer of renowned international pet care brands. However, in a strategic move in 2005, it transitioned into Turkey’s premier domestic pet food producer.
In 2010, it realized the first foreign capital partnership by partnering with the USA-based The Riverside Company investment fund.
Today, it boasts an impressive array of brands, including Champion and Goody, catering to various pet species. Its production facility in Tuzla, Istanbul, currently boasts an annual capacity of 30,000 tons by using the latest technology “Wenger Extruder” systems and quadrupled its capacity.
Its production capacity is even above today’s cat and dog food consumption in Turkey, therefore export activities continue to be of growing importance.
In this investment move, the infusion of capital from Eminova Holdings International comes at a crucial juncture for Tropikal Pet. The company intends to leverage these funds to bolster its production capabilities, with a keen eye on doubling its export sales by making inroads into the highly competitive US market.
Moreover, the investment will fuel innovation, enabling Tropikal Pet to expand its product portfolio and streamline operational efficiencies.
Under the terms of the agreement, Eminova Holdings International, through its subsidiary Eminova Funding, will extend comprehensive support to Tropikal Pet. The collaboration underscores a shared vision for seizing opportunities within the burgeoning pet food industry.
Commenting on the strategic alliance, İzzet Saban, Chief Executive Officer of Tropikal Pet, expressed enthusiasm, stating, “Sales of pet foods are increasing more and more every year worldwide. We have signed a very important capital raise agreement in order to expand the Turkish market and to be able to take part in the US market. I would like to thank Eminova Holdings International for this cooperation.”
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