PetDine buys 100K SF in Windsor for more growth

WINDSOR and FORT COLLINS — A building swap in Windsor that included an affiliate of PetDine LLC speaks to greater growth for the Fort Collins-based private-label pet food supplement maker.

Weld County clerk-recorder and assessor records show a pair of related transactions among the affiliate, a Thornton-area private investor, and the CEO of a Loveland-based music products distributor, the last party as the linchpin of the two deals.

Diamond Valley Properties LLC bought a one-year-old, 100,000-square-foot industrial building from Five M Enterprises LLC for $17.25 million, July 30. Five M then bought a 19-year-old, 62,000-square-foot property from S&E Parallel Investments LLC for $8.1 million on Aug. 4.

The newer, larger building is on about nine acres at 1130 Diamond Drive; the older, smaller site is at 840 Diamond Valley Drive on six acres. Both are in the Diamond Valley Tech Center, near the intersection of Colorado Highway 257 and Eastman Park Drive.

Diamond Valley Properties is the PetDine affiliate. Colorado Secretary of State filings link it to PetDine Properties LLC on Innovation Drive in Fort Collins, the company’s 10,000-square-foot headquarters it bought back in 2018 for $1.8 million.

PetDine makes pet-food products, including soft chews, liquid food toppers and powder supplements for client brands. It also has 220,000 square feet for manufacturing in Harvard, Illinois. BizWest reported in April that PetDine was adding 10,000 square feet on Innovation Drive for more production. Order fulfillment and warehousing is in Greeley.

A trade journal article this month placed the Windsor space as part of a $25 million expansion of PetDine. It was making about 500 million treats a month in 2018 and doing about $22 million a year in sales, local media reports said.

Privately held PetDine is run by the Munsch family. Ken Munsch in 2015 bought a pet-treats maker that formed its genesis; son Preston is CEO. Kurt Stricker, who owns Harvard, Illinois-based Pedigree Ovens, is the third owner-operator.

PetDine spokesperson Justin Boling said there are no other owners and no private equity involvement.

The Munsch family also owns The Dog Pawlour, a canine spa, day care, and groomers, with Fort Collins and Greeley locations. The Diamond Valley LLC filing was by Amy Howard, an attorney with Grant & Hoffman Law Firm PC, also in Greeley and Fort Collins.

Jay Sokolowski oversees manufacturing for PetDine in Northern Colorado, including for the new space.

When it moved into its new headquarters three years ago, PetDine said it was making about 500 million treats a month, doing $22 million in annual sales, targeting $35 million by the end of 2019.

Boling said that’s 750 million softchews a month now and with the new space should triple by mid-2022.

He said the company always tries to buy its real estate when possible.

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.

S&E Parallel Investments LLC is connected to Lillian Stan, a private investor with addresses in Thornton and Denver.

Selling brokers for the new PetDine space were Tyler Murray and Nate Heckel of Cushman & Wakefield in Fort Collins. Selling brokers for Five M’s new digs were Mike Eyer and Julius Tabert of CBRE, also in Fort Collins.

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