By Olivia Oran
March 12 Blue Buffalo, the premium pet food
company, has hired banks for an initial public offering that
could come later this year, three people familiar with the
company said on Wednesday.
The Wilton, Connecticut-based company, which makes healthy
food for cats and dogs, has selected JPMorgan Chase & Co, Morgan
Stanley and Citigroup Inc to lead the IPO, the people said.
The people declined to be named because the matter is not
The company and the banks could not be immediately reached
Blue Buffalo, backed by private equity firm Invus Group, was
founded in 2003. Its products include the Blue Basics brand for
pets with food sensitivities; the Wilderness brand which
includes more meat; and the grain-free Freedom brand. Blue
Buffalo also sells cat litter, pet treats and stews.
The company posted revenue of roughly $600 million last
year, according to published reports.
Blue Buffalo is looking to go public amid positive industry
trends like rising pet ownership and an increase in spending
among pet owners for their animals.
According to the 2013-2014 survey from American Pet Products
Association, 68 percent of U.S. households own a pet.