Borgman Capital makes first pet industry investment

MILWAUKEE — Borgman Capital, a private equity firm for high-growth potential businesses in the lower-middle market, announced April 25 it had invested in Buck Bone Organics, a Bozeman, Mont.-based manufacturer of natural chews and treats for dogs.

Buck Bone Founders Jackie, Mark and Shane Steigleman will partner with those at Borgman Capital to drive the company’s next phase of growth. The acquisition marks Borgman Capital’s 18^th overall and first in the pet industry.

“Buck Bone is a great addition to our portfolio of lower middle market companies — it’s founder-owned, has a strong track record of growth, and offers a unique product line catering to ecofriendly and health-conscious dog owners,” said Sequoya Borgman, founder and chief executive officer of Borgman Capital. “The pet industry is experiencing strong tailwinds, and we are eager to partner with the Steiglemans and grow the Buck Bone brand.”

Buck Bone Organics was founded in 2015 and offers a range of all-natural antler chews, dental sticks, jerky treats, yak chews and antler powders, as well as antler toys, for dogs. Antler products are sourced in the United States and are Grade-A, according to Buck Bone. The company operates in Bozeman, where it hand-cuts, produces and packages products to be distributed by Amazon, Chewy, Costco and Hollywood Feed, among others.

“Buck Bone has been a labor of love from the start,” said Jackie Steigleman, CEO of Buck Bone Organics. “We founded the company out of our passion for dogs, commitment to their health, and care for the environment. After nearly a decade of building our business from the ground up, having a respected private equity firm like Borgman Capital recognize our potential and partner with us is a huge moment in our journey as entrepreneurs.”

Financial terms of the transaction were not disclosed.

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