Animal Supply Corporation

Highlights

3/1/2019: GSBD announces restructuring of Company on its CC.

Animal Supply is a more fluid situation, but there are recent developments that we would like to share. Animal Supply is a nationwide distributor of pet food and supplies. Our investment thesis centered on the company’s leading industry position and positive industry tailwinds driven by long-term trends of driving demand for pet food supplies.

 And during 2018, the company’s performance in profitability declined. We determined the best course of action was to deleverage the capital structure to better position the company to perform.

 As the last Friday, we successfully closed restructuring by swapping our debt to equity and providing additional working capital to enable the company to increase still rates, revenue and EBITDA. We believe that with a clean balance sheet and a more focused management, the company is well position to benefit from stable industry trends and consolidation opportunities.