$11.7M building buy adds more space for PetDine
WINDSOR – Fort Collins-based PetDine LLC, which makes pet-food supplements and treats, has purchased a 49,668-square-foot industrial space in Windsor for $11.712 million in a move to further increase production of pet-related products.
The seller was Five M Enterprises, which is connected to an investment company based in Englewood, according to the Colorado Secretary of State. Petdine’s purchase of the space at 1132 Diamond Valley Drive, Unit 200, on Sept. 16 is the latest in a series of transactions involving PetDine, Five M Enterprises and Archer Daniels Midland Co. (NYSE: ADM), which bought a 75% stake in PetDine LLC and three related companies for $450 million in September 2021.
Justin Boling, marketing director for PetDine, said the aim of the purchase “is to better support our current clients and their continued growth with more efficient production processes by housing additional pre- and post-production supplies near our new 105,000-square-foot manufacturing facility,” That space, at 1130 Diamond Valley Drive, was purchased in October 2021, and production was to begin there last January..
“With roughly an additional 50,000 square feet,” Boling wrote in an email to BizWest, “we can easily store and prepare materials for production and client needs. Additionally, it will bring up to 20 new jobs at varying levels to Northern Colorado.”
In addition to PetDine’s headquarters at 4700 Innovation Drive in Fort Collins and existing plants in Windsor and Greeley, as well as an expansive manufacturing facility in Harvard, Illinois, northwest of Chicago, Boling said “our second Windsor facility provides timely increased growth opportunities in the pet industry.”
Boling said there is no current plan to close any existing PetDine facilities.
On Oct. 7, 2021, Diamond Valley Properties LLC, a company formed in May 2021 by PetDine Properties LLC and sharing its Fort Collins address, sold the adjacent Diamond Valley space to Archer Daniels Midland for $16.83 million. Both spaces are in the Diamond Valley Tech Center, near the intersection of Colorado Highway 257 and Eastman Park Drive.
Slightly more than a month earlier, on July 30, 2021, Diamond Valley had bought the 1-year-old industrial building from 5M for $17.25 million. A PetDine spokesman at the time said it always tries to buy the real estate it occupies.
Five M bought a 62,000-square-foot building in the same area for $8.1 million, after selling to Diamond Valley.
PetDine had been making 750 million treats a month by mid-2021, prior to buying the new Windsor facilities, with about $50 million in annual sales. A spokesman said at the time that output was expected to triple by mid-2022 with that new building and an announced expansion of the one in Illinois..
PetDine’s primary products are soft chews, liquid food toppers, powder supplements and ingredients for client brands. Most are for dogs, although the company last year began to add cat products as well.
Filings with the Colorado secretary of State show Five M Enterprises LLC and another firm, Belitz Capital Holdings LLC in Englewood linked to Michael Belitz and Lisa Maguire. Belitz is CEO of Loveland-based Ultimate Support Systems, according to his LinkedIn profile. The company makes stands and accessories for musical equipment.
This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2022 BizWest Media LLC.