Costa Mesa’s Westar Capital LLC, a private equity firm funded by businessman George Argyros, has sold one of its portfolio companies to the Chicago private equity firm Wind Point Partners.
Westar sold Arlington, Texas-based Doskocil Manufacturing Co., which does business as Petmate, for an undisclosed sum.
Terms of the deal were not disclosed but Petmate officials said the company will continue to operate under its current corporate umbrella after the acquisition.
Petmate makes and markets non-consumable pet products.
Argyros also owns Costa Mesa-based Arnel & Affiliates, a real estate development and investment company he started in 1968.
Westar was established in 1987 and focuses on the middle market, with a typical vesting period of five to 10 years.
The company, according to its website, tends to invest in U.S.-based middle market companies with annual revenues of at least $25 million and operating income of at least $5 million.
Investments are between $5 million and $25 million.
Westar is currently targeting companies in the aerospace and defense, business services, consumer products, healthcare services and manufacturing industries.
Its current portfolio includes Riverside-based Candle Lamp, a maker of foodservice equipment, and Lifecare Solutions Inc., a San Diego-based healthcare provider.
