Freshpet

Freshpet 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]

Freshpet, Inc.
TypePublic company
IndustryPet food
Founded2006 (2006)
HeadquartersSecaucus, New Jersey, U.S.
Productsrefrigerated pet food
RevenueIncrease US$318.79 million (2020)[1]
US$-3.19 million[2] (2020)
Number of employees
591[3]
Websitefreshpet.com

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] Also

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]

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. "Freshpet Inc.: Financials". The Wall Street Journal. New York: Dow Jones & Company. Accessed December 2021.
  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. "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. 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
  • Official website
  • Business data for Freshpet, Inc.:
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