Brought to you by WBIW News and Network Indiana
Last updated on Wednesday, January 25, 2012
(SEYMOUR)(TRIBUNE) - Pet Supplies Plus (PSP) announced plans today to relocate its warehousing operations from southeastern Michigan to here, creating up to 135 new jobs by 2016.
The pet specialty retailer plans to lease and equip a 763,000 square-foot facility at 1510 E. Fourth St. in Seymour. The consolidation and expansion will more than double the company's capacity to support its existing and planned retail store customer-base. PSP plans to begin shipping to customers in August from its Seymour location.
"Indiana's business climate is a magnet for growing companies across the country," said Governor Mitch Daniels. "We are happy that PSP, like many businesses before, has discovered that our unparalleled infrastructure and first-rate workforce make Indiana the premier place to expand their business."
Founded in 1988 in Farmington Hills, Mich., PSP was originally designed according to the grocery store-model and was the first pet shop with wide aisles and organized, well-stocked display shelves. Today, there are approximately 10 PSP stores throughout Indiana employing approximately 200 Hoosiers.
"This investment supports our customers who can expect substantial service improvements, a broader range of products and the highest level of availability in the industry," said Todd Pankey, PSP senior vice president of supply chain. "We appreciate the commitment from Indiana and Seymour who have supported the company with incentives to relocate to the area."
The Indiana Economic Development Corporation offered Pet Supplies Plus up to $850,000 in conditional tax credits and up to $75,000 in training grants based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Seymour approved additional property tax abatement at the request of the Jackson County Industrial Development Corporation.
"With our location along Interstate 65, we are well-positioned to attract major logistics companies and we are thrilled PSP selected Seymour for its new distribution center," said Seymour Mayor Craig Luedeman. "Our area has seen solid growth over the past year and PSP's decision gets 2012 off to a great start for us."
About Pet Supplies Plus
Pet Supplies Plus is the third-largest pet specialty retailer in the United States with 258 stores in 22 states. PSP operates a unique combination of company-owned and franchised stores in convenient neighborhood locations and offers a broad assortment of pet food and supplies at competitive prices. PSP was acquired by Irving Place Capital in September 2010 and is headquartered in Farmington Hills, Mich. More information about PSP is available at www.petsuppliesplus.com.
About Irving Place Capital
Irving Place Capital is a middle-market private equity firm that invests in compelling buyouts, recapitalizations and growth capital opportunities. The firm focuses on making control or entrepreneur-driven investments in companies where it can apply its substantial operating and strategic resources and expertise to enhance value. Irving Place Capital is proactively targeting the pet sector for additional investment opportunities. Since its formation in 1997, Irving Place Capital has been an investor in more than 55 companies and has raised over $4 billion of equity capital, including its current $2.7 billion institutional fund. More information about Irving Place Capital is available at www.irvingplacecapital.com.
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Dan Hasler serves as the chief executive officer of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
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