Indy investors take control of startup for $80M

September 17, 2008

Two Indianapolis-area investment funds and several local individuals have bought a controlling stake in a startup company in a St. Louis suburb for more than $80 million.

The company, Furminator Inc., sells combs for untangling undercoats of dogs and other animals.

Equity investors include Hammond Kennedy Whitney & Co. and Cardinal Equity Partners, said Hammond Kennedy President Glenn Scolnik. The parties wouldn't disclose the price or names of the individual investors.

However, a source familiar with the deal said the price was above $80 million, and that the Indianapolis equity investors put nearly $50 million into the deal. A bank supplied debt for the balance of the price.

Retaining a stake in Furminator are co-founders David and Angela Porter. The couple, who invented the combs after becoming frustrated with products available on the market, want to expand into Europe and possibly such mass marketers as Wal-Mart.

Furminator outsources manufacturing of its combs and pet shampoos.

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