PetIQ acquires Springville-based HBH Enterprises

HBH Enterprises of Springville, a developer and manufacturer of specialty pet supplements and treats, has been acquired by Eagle, Idaho-based PetlQ. The deal includes $500,000 cash, 400,000 shares of PetIQ Class B stock and the repayment of designated HBH debt, according to a release from PetIQ. HBH becomes a wholly owned subsidiary of PetIQ.

Founded in 1988, HBH has been employed by PetIQ as a contract manufacturer since 2014 atPetIQ's Springville production facility for some of its retail consumable products.

"We are excited to welcome HBH to the PetIQ team after working together for several years within our Springville production facility," said Cord Christensen, PetIQ chairman and CEO. "This unique partnership has proven to be an important element of our success in bringing pet health and wellness solutions to our customers. The acquisition of HBH provides PetIQ with complete strategic control of our manufacturing organization and we believe this improved business structure will enable us to accelerate growth in this important category."