Better Choice Company Initiates Legal Action Against Alphia, a Portfolio Company of Private Equity Firm PAI
NEW YORK, March 26, 2024 (GLOBE NEWSWIRE) -- Better Choice Company, Inc. (NYSE: BTTR) (“Better Choice” or the “Company”), a pet health and wellness company, initiated a legal action to enforce a right of first refusal (“ROFR”) option exercised by Alphia, Inc. (“Alphia”) BL4424547, which is controlled by a Paris-based private equity firm, PAI Partners (https://www.paipartners.com). Pursuant to the terms of a written agreement between Alphia and the Company, Alphia is obligated to acquire the assets of Halo, Purely for Pets, Inc., a wholly owned subsidiary of Better Choice. Better Choice seeks to compel the closing of the asset sale and, in the alternative, monetary damages in excess of $19 million caused by Alphia for its misconduct in connection with the ROFR. “After several unsuccessful attempts to communicate with both Winston Song of PAI Partners and David McLain, the CEO of Alphia, and given the significant burden imposed upon Better Choice by Alphia’s refusal to close the transaction, Better Choice had no viable option other than to pursue legal action to enforce the terms of the ROFR, as well as all of its rights,” stated Better Choice Chairman, Michael Young. The claim has been filed in the Circuit Court of the 13th Judicial Circuit in and for Hillsborough County, Florida.
About Better Choice Company, Inc.
Better Choice Company, Inc. is a pet health and wellness company focused on providing pet products and services that help dogs and cats live healthier, happier, and longer lives. We offer a broad portfolio of pet health and wellness products for dogs and cats sold under our Halo brand across multiple forms, including foods, treats, toppers, dental products, chews, and supplements. We have a demonstrated, multi-decade track record of success and are well positioned to benefit from the mainstream trends of growing pet humanization and consumer focus on health and wellness. Our products consist of kibble and canned dog and cat food, freeze-dried raw dog food, and treats, vegan dog food and treats, oral care products and supplements. Halo’s core products are made with high-quality, thoughtfully sourced ingredients for natural, science-based nutrition. Each innovative recipe is formulated with leading veterinary and nutrition experts to deliver optimal health. For more information, please visit https://www.betterchoicecompany.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Further information on the Company’s risk factors is contained in our filings with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
T: 212-896-1254
Valter@KCSA.com
Released March 26, 2024