Canadian group buys Beefeaters'' parent company

Petra Pet Inc., owner of pet treat manufacturer Beefeaters, was sold to the Canadian Imperial Capital Group, according to The Wall Street Journal.

The companies did not release the deal's exact terms, but said the transaction was between US$10 million and US$30 million, BMO Bank of Montreal provided debt financing and that management retained equity stakes.

Imperial targeted pet treats after finding it to be an attractive subsector in the market and was presented with Petra Pet by a BMO banker.