Irvine’s Just Food for Dogs, one of Orange County’s faster-growing retail companies, has revamped its executive team as it looks to position itself for a new funding deal later this year, with an initial public offering among its potential options.
The privately held firm, which has won over pet owners with its fresh meals packed with protein and nutrients, recently brought on Julian Mack as chief executive.
Mack, a Laguna Beach resident, stepped away from his position at Greenwich, Conn.-based L Catterton, the largest consumer-focused private equity firm in the world, to take the spot.
Catterton is a longtime investor in JFFD, and led the company’s last reported investment round, a $68 million Series C in 2019.
The Mack family, which has a long history of supporting pet-related initiatives, was among the 11-year-old company’s first investors.
A new funding deal—either in the public or private markets—should take place later this year, Mack told the Business Journal last week. “All options are on the table,” he said.
Booming Business
The funding is needed to help the company keep up with booming demand for its pet food, Mack said. Sales this year are expected to top $100 million, with business growing across all the company’s channels, he said.
“We’re seeing ridiculous demand,” Mack said.
The company sells products at stand-alone stores, as well as dedicated spots at Petco locations, Pet Food Express locations in the state, and in veterinary offices.
JFFD also has a booming e-commerce business that flourished during the pandemic.
The biggest challenge for the company now is providing enough food to meet demand, Mack said. Labor shortages are an issue it has increasingly faced over the past year.
“We’re working our butt off” to meet customers’ demand right now, Mack said. “We have a lot of work to do, to make the food to meet all the demand.”
Mack’s appointment took place about three months ago. It’s the second CEO switch at the pet food company in a year. Last July, it tapped former Nestlé and Starbucks executive Heath Nielsen for the top post. He stepped down from the position in May.
Nielson last year took over the CEO position from Carey Tischler, a former Catterton exec who remains at JFFD and serves as president.
Petco Partnership
Petco said in May it expected JFFD’s availability in its stores to triple to 560 pet care centers in 2021. The $4.6 billion-valued San Diego firm (Nasdaq: WOOF) counts about 1,500 stores in total. It is working with the JFFD to grow its same-day delivery of fresh pet food.
“The fresh pet food category has seen tremendous growth and we expect it to become a multibillion-dollar category in the coming years as pet parents seek new ways to provide their pets with the healthiest nutrition options available,” Mack said in a recent announcement touting the growing partnership with Petco.
Nike Ties
JFFD’s switch in CEOs isn’t the only exec move at the Irvine firm.
Gavin Lindberg joined the company as chief financial officer, effective July 5.
Lindberg counts more than 20 years of financial experience in the global consumer brands industry. Most recently, Lindberg served as vice president and chief financial officer of product, innovation and brand at Nike.
Among his duties at Nike, he led financial strategies for Converse and Jordan Brand products, the company said.
“As we continue to innovate and look for new ways to support our customers and their beloved pets, Gavin’s financial leadership and operational acumen will be invaluable,” Mack said at the time of the CFO hire.
Coast Highway Start
The company started with a single test kitchen along Pacific Coast Highway.
Founder Shawn Buckley pursued the concept after finding out most store-bought dog food used lower-quality ingredients, and that even many higher-end offerings used processed products.
He embarked on a mission with Dr. Oscar Chavez, a veterinarian and chief medical officer of JFFD, to research and develop pet food products using USDA-certified and human-grade quality ingredients in freshly made meals.
Individual meals start around $7 or so, depending on pet size.
