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Freshpet, Inc.
Company typePublic company
Industrypet food
Founded2006; 18 years ago (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

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] The company’s pet food brands include Freshpet, Dog Joy, and DogNation.[5] The company was the first to distribute pet food in the fresh and refrigerated category across North America.[6] It is listed on the Nasdaq exchange with the ticker symbol FRPT.[7]

History

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The company opened its first factory in Quakertown, Pennsylvania in 2006.[8][9] Freshpet’s early success was bolstered by the 2007 mass recalls of pet food products, which saw many pet owners turn to alternative brands that had not been connected with the tainted pet food.[6][10] In 2009, Freshpet entered into an agreement with Tyson Foods. Under the terms of the agreement, Tyson acquired a minority stake in Freshpet, while providing the company access to its distribution network for refrigerated foods.[11]

The company opened a new factory in Bethlehem, Pennsylvania in 2013.[4] In 2014, the company began collaborating with the Humane Society to help animals find permanent homes, to collect supplies and donations for animal shelters.[12][13] In November 2014, Freshpet went public, raising $164 million in its IPO,[14][15] with a market capitalization of $447 million.[15]

Freshpet began to distribute its pet food products in the United Kingdom in March 2017, through the British supermarket chain, Tesco.[16][17] The business announced an investment of more than $100 million to expand its pet food production operations at its Pennsylvania location in 2018.[18][19] In 2018, Freshpet launched Fresh Start, a charitable program to raise awareness about shelter animals and to raise funds for animal rescue organizations.[20] 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.[21] As of December 2021, the company’s market capitalization was $4.4 billion.[22]

Products

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Freshpet provides several different pet food brands, including Freshpet, Dog Joy, and DogNation.[23]

Rather than shelved dried or canned foods, the company’s products are similar to refrigerated food for human consumption.[4] The company requires its production facilities to operate at standards required for producing human foods.[10] Freshpet main ingredients are meats, fruits and vegetables sourced from local farms.[4][24] The company’s products have no preservatives[25] and must be sold within 90 days of production.[10]

Freshpet’s facilities employ several systems to improve environmental sustainability, including renewable energy sources to power the facility, landfill-free kitchens, and rainwater irrigation.[26]

Marketing and advertising

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In the early 2010s, Freshpet ran a multiyear marketing campaign advertising the company’s products lacked preservatives based on puns involving the names of dog breeds, such as a photo of a pug with a placard around its neck that read “Pug off, preservatives”.[27] In 2013, Freshpet ran a marketing campaign in the United States to emphasize its use of locally sourced ingredients, which employed patriotic themes, music, and imagery.[27]

References

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  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. ^ a b c d "Freshpet Dog Food Promotes Products Sources in the U.S." The New York Times. 13 June 2013.
  5. ^ "Freshpet, Inc. Profile". Yahoo!Finance. Retrieved 8 December 2021.
  6. ^ a b "Capitalizing on Pet-Food Panic". Newsweek. 6 May 2007. Retrieved 9 December 2021.
  7. ^ "Freshpet on NASDAQ". NASDAQ.
  8. ^ Staff (15 August 2018). "Freshpet Expanding In Pennsylvania, Creating 100 Jobs". Business Facilities. Retrieved 8 February 2021.
  9. ^ Morley, Hugh (12 June 2007). "Barking up the right tree; Freshpet sales soar after tainted-food scandal". The Record.
  10. ^ a b c Galante, Joseph. "From Quakertown: All-natural dog food: An industry recall has helped Freshpet's products catch on". Philadelphia Inquirer. No. 16 June 2007. Retrieved 13 December 2021.
  11. ^ Fletcher, Carol. "Local pet food maker teams up with Tyson". The Record (Bergen County, N.J.). No. 18 March 2009.
  12. ^ "Polite Shelter Pets Show Us The Right Way To Do Christmas Dinner". The Huffington Post. Retrieved 2016-03-28.
  13. ^ UTC, T. L. Stanley2014-12-18 05:50:47. "Freshpet's doggie Christmas tribute will give you paws". Mashable. Retrieved 2016-03-28.{{cite web}}: CS1 maint: numeric names: authors list (link)
  14. ^ Newman, Richard. "PET FOOD SHARES HAVE WILD RIDE". The Record (Bergen County, N.J.). No. 11 December 2014.
  15. ^ a b Harris, Jon. "5 years after going public, Freshpet rings Nasdaq opening bell as market cap crosses $2 billion". The Morning Call (Allentown, PA). No. 7 November 2019.
  16. ^ Best, Chloe (7 March 2017). "Tesco launches new premium roast dinner for dogs". Hello Magazine. Retrieved 9 December 2021.
  17. ^ Wynne-Jones, Stephen (8 March 2017). "Tesco Goes Upmarket with Fresh Pet-Food Range". European Supermarket Magazine. Retrieved 9 December 2021.
  18. ^ "Freshpet Expanding In Pennsylvania, Creating 100 Jobs". Businessfacilities.com. Retrieved August 15, 2018.
  19. ^ "Pet food feeds growth at Freshpet". LVB.com. Retrieved October 1, 2018.
  20. ^ Scripps News Service (20 May 2020). "Hearts Alive Village named Freshpet Fresh Start grand prize winner". KTNV-Las Vegas. Retrieved 25 January 2021.
  21. ^ "Freshpet to create 427 jobs in Ennis with new pet food manufacturing plant". Dallas News. 2020-02-26. Retrieved 2020-02-28.
  22. ^ "Freshpet Yahoo!Finance Company Profile". Retrieved 14 December 2021.
  23. ^ "Freshpet, Inc. Profile". Yahoo!Finance. Retrieved 8 December 2021.
  24. ^ Morley, Hugh (12 June 2007). "Barking up the right tree; Freshpet sales soar after tainted-food scandal". The Record.
  25. ^ Byron, Ellen (27 May 2014). "More Pet Brands Target Owners Who Like to Cook Their Own Dog Food". Wall Street Journal. Retrieved 19 January 2021.
  26. ^ Harris, Jon (29 October 2020). "Freshpet opens $100 million Lehigh Valley expansion. Now it needs 125 more workers". The Morning Call. Retrieved 19 January 2021.
  27. ^ a b Newman, Andrew Adam (13 June 2013). "Freshpet Dog Food Promotes Products Sourced in the U.S." New York Times. Retrieved 13 December 2021.

Further reading

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[edit]
  • Official website
  • Business data for Freshpet, Inc.:


Category:Companies based in Hudson County, New Jersey Category:Cat food brands Category:Dog food brands Category:Companies listed on the Nasdaq Category:2014 initial public offerings Category:American companies established in 2006

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