Private equity firm Borgman Capital announced the addition of Buck Bone Organics to its investment portfolio. Based out of Bozeman, Montana, Buck Bone Organics provides 100% natural antler chews, treats, and toys for dogs in various sizes. Borgman Capital will partner with Buck Bone’s founders – Jackie, Mark, and Shane Steigleman – on the company’s next growth phase. The terms of the deal were undisclosed.
Launched in 2015, Buck Bone supplies four sizes of antler chews and biscuits, dental sticks, jerky bites, yak chews, antler powder, and other toys made from the antlers that deer, elk, and moose naturally shed every year. Buck Bone focuses on sourcing premium, U.S. Grade-A antlers – which have spent the least time exposed to the elements and are better preserved and more nutritious for dogs. The products are hand-cut, manufactured, and packaged in Bozeman before being distributed to Amazon, Costco, Chewy, and Hollywood Feed.
Buck Bone Organics is Borgman Capital’s 18th acquisition since its founding in 2017 and its first investment in the pet industry.
Highland Bank provided senior financing, and Reinhart Boerner van Deuren served as legal counsel for Borgman Capital. Eisner Amper performed accounting diligence and advisory services for the transaction. Benjamin F. Edwards served as Buck Bone Organics’ exclusive financial advisor.
KEY QUOTES:
“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. The pet industry is experiencing strong tailwinds, and we are eager to partner with the Steiglemans and grow the Buck Bone brand.”
– Sequoya Borgman, founder and CEO of Borgman Capital
“Buck Bone has been a labor of love from the start. 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.”
– Jackie Steigleman, CEO of Buck Bone Organics
