-- Central Garden & Pet (CENTA) said Monday it agreed to form a pet distribution joint venture with Phillips Pet Food & Supplies.
Under the terms of the agreement, Central Garden & Pet will receive cash proceeds and retain a 20% stake in the newly formed joint venture, while Phillips Pet Food & Supplies and its investors will own the remaining 80%.
The joint venture will operate as an independent entity under the Phillips brand and is intended to expand nationwide distribution capabilities.
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