Freshpet

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Freshpet, Inc.
Company type Public
Industry Pet food
Founded2006;19 years ago (2006)
Headquarters Bedminster, New Jersey, U.S.
ProductsRefrigerated pet food
RevenueIncrease2.svg US$318.79 million (2020) [1]
US$-3.19 million [2]  (2020)
Number of employees
591 [3]
Website freshpet.com

Freshpet, Inc. is an American pet food company. Its cat food and dog food products are marketed as fresh, and need to be kept refrigerated. [4] It is listed on the Nasdaq exchange with the ticker symbol FRPT. [5]

Contents

History

Freshpet was founded in Secaucus, New Jersey, in 2006 by Scott Morris, Cathal Walsh, and John Phelps, former pet food executives. [6] [7] It opened a factory in Quakertown, Pennsylvania, in 2006; [8] [9] and another in Bethlehem, Pennsylvania in 2013. [4]

Freshpet went public on the NASDAQ in November 2014, raising $164 million in its IPO. [10] [11] with a market capitalization of $447 million. [11]

In February 2020, the company was offered a grant of $2.1 million from the Texas Enterprise Fund to build a plant in Ennis, Texas. [12]

In 2020, the company reported revenue of almost $319 million, an increase of some 30%, and a net income loss of $3.19 million, up 130% on the previous year. It also reported losses in the four preceding years. [1] [2]

In 2024, the company moved its headquarters to Bedminster, New Jersey.

Products

Freshpet's cat food and dog food products are marketed as fresh, requiring refrigeration [4] since the company's products have no preservatives. [13] Freshpet was the first to distribute pet food in the fresh and refrigerated category across North America. After a 2007 crisis of wet and dried dog food tainted by melamine, Freshpet's uncontaminated fresh food products experienced rapid growth in the number of stores carrying them. [14] [15]

As of 2021, the company's pet-food brands include Freshpet, Dog Joy, DogNation, Spring & Sprout, [16] Vital, Homestyle Creations, and Nature's Fresh. [17]

References

  1. 1 2 "Freshpet Inc.: Financials". The Wall Street Journal. New York: Dow Jones & Company. Accessed December 2021.
  2. 1 2 "Freshpet Inc.". Barron's. Accessed December 2021.
  3. ↑ "Freshpet Inc.: Overview". The Wall Street Journal. New York: Dow Jones & Company. Accessed December 2021.
  4. 1 2 3 "Freshpet Dog Food Promotes Products Sourced in the U.S." The New York Times. June 13, 2013.
  5. ↑ "Freshpet on NASDAQ". NASDAQ .
  6. ↑ Collings, Richard (September 16, 2014). "Freshpet Files for IPO as Spending on Natural Food for Pets Rises". The Street. Retrieved January 19, 2021.
  7. ↑ Harris, Jon (June 25, 2019). "Freshpet breaks ground on $100 million Lehigh Valley expansion that could add 200 jobs". The Morning Call. Retrieved January 19, 2021.
  8. ↑ "Freshpet Expanding in Pennsylvania, Creating 100 Jobs". Business Facilities. August 15, 2018. Retrieved February 8, 2021.
  9. ↑ Morley, Hugh (June 12, 2007). "Barking up the right tree; Freshpet sales soar after tainted-food scandal". The Record.
  10. ↑ Newman, Richard (December 11, 2014). "Pet Food Shares Have Wild Ride". The Record. Bergen County, New Jersey.
  11. 1 2 Harris, Jon (November 7, 2019). "5 years after going public, Freshpet rings Nasdaq opening bell as market cap crosses $2 billion". The Morning Call. Allentown, Pennsylvania.
  12. ↑ "Freshpet to create 427 jobs in Ennis with new pet food manufacturing plant". Dallas News. February 26, 2020. Retrieved February 28, 2020.
  13. ↑ Byron, Ellen (May 27, 2014). "More Pet Brands Target Owners Who Like to Cook Their Own Dog Food". Wall Street Journal. Retrieved January 19, 2021.
  14. ↑ "Capitalizing on Pet-food Panic". Newsweek. May 6, 2007. Retrieved December 9, 2021.
  15. ↑ Galante, Joseph (June 16, 2007). "From Quakertown: All-natural dog food: An industry recall has helped Freshpet's products catch on". Philadelphia Inquirer. Retrieved December 13, 2021.
  16. ↑ "Freshpet, Inc. Profile". Yahoo!Finance. Retrieved December 8, 2021.
  17. ↑ Saulsbery, Gabrielle (December 8, 2021). "Freshpet launches refrigerated, vegetarian dog food brand Spring & Sprout". NJBiz. Retrieved September 8, 2021.

Further reading

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