Company Founded and Led By Randy Boyd to Remain in Knoxville
KNOXVILLE, Tenn. – Radio Systems Corporation, the leading innovator in the companion pet health and safety market, is being acquired by Clayton, Dubilier & Rice, an international private investment firm that has invested over $30 billion in 90 businesses across a broad range of businesses. Terms of the transaction were not disclosed, but the company’s headquarters and top personnel will remain in Knoxville.
Founded in 1991 by South Knoxville native and well-known leader and entrepreneur Randy Boyd, Radio Systems designs and distributes more than 2,000 pet products under brand names such as Invisible Fence®, PetSafe®, ScoopFree®, SportDOG®, and Kurgo®, among others. Headquartered in Knoxville, the company has more than 800 employees worldwide that help the company reach consumers across the Americas, Europe, and Asia.
Radio Systems holds the #1 market position by sales in many of the pet categories it serves, including pet containment, pet doors, pet training, and pet waste management, supported by the company's innovation capabilities and commitment to delivering product solutions that enhance the safety and wellbeing of pets.
Radio Systems' strong positioning is further augmented by its broad patent portfolio as well as its unique capabilities in marketing, merchandising and distribution. The company's products are widely distributed in a channel-agnostic manner, with strong presence across e-commerce, bricks & mortar retail, and the company's own direct-to-consumer portal.
As Radio Systems transitions to new ownership, Randy Boyd, Founder and Chairman, will continue to serve on the Board of Directors to maintain continuity and the company's strong ties to the Knoxville community.
"With the backing of CD&R and the talented team at Radio Systems, I'm confident the company will continue to deliver the best solutions and services available to our customers," said Mr. Boyd. "I'm excited for Radio System's future growth and the success and benefits it will bring to our employees, pet owners, and our local economy."
“Our headquarters will remain in Knoxville, Willie Wallace will continue to run the company as our CEO, our commitment to give back, and our core mission and values we hold so dear will not change,” said Boyd. “I am grateful to our entire team in building on what we first started out of the back of a converted tractor trailer here in Knoxville 30 years ago into the great success it is today. We have been true in making a better world for pets, our people, and this community. I can’t imagine doing it with a better team.”
The Radio Systems Board of Directors, which ran a competitive process and entertained nearly a dozen offers to find the right partner, unanimously approved the transaction. Boyd said the top suitors were chosen not only by their financial offers and their fit with the company’s long-standing mission and culture, but also by their commitment to keep the company in Knoxville and ability to provide additional resources to continue to grow and serve the community.
Upon the closing, expected around June 2020, top Knoxville business leader and resident John Compton, one of CD&R’s Partners, will become Chairman of Radio System Corporation's Board of Directors. Mr. Compton is the former President of PepsiCo and serves as Chairman of three other CD&R portfolio companies: American Greetings Corporation, Drive DeVilbiss Healthcare, and TruGreen Corporation. In addition, he serves on the Board of Directors of First Horizon National Corporation.
"Radio Systems is a differentiated market leader with a talented management team, dedicated, hard-working employees, a product portfolio that pet owners truly value, and a three-decade track record of product-driven innovation and strong overall results," said Mr. Compton. "We believe Radio Systems is a great fit with CD&R's experience helping businesses prosper over the long term."
I am thankful to CD&R for their trust in our great company, our values, our leaders, and our team,” said Boyd. “I look forward to an even brighter future and will be forever proud and grateful for all that our team has accomplished together.”
About Radio Systems
Radio Systems Corporation is a leading developer and distributor of durable pet products. The company is headquartered in Knoxville, TN with offices worldwide. The Radio Systems Corporation family of brands includes PetSafe®, Invisible Fence®, SportDOG ®, and Kurgo®, among others. Since its founding in 1991, Radio Systems Corporation has grown into an international corporation selling in over 52 countries. The Radio Systems Corporation portfolio includes a wide array of behavioral, containment and lifestyle product solutions for dogs and cats. Radio Systems Corporation is driven by a dedication to creating quality products for pets and their owners. To learn more about Radio Systems Corporation visit radiosystemscorporation.com.
About CD&R
Clayton, Dubilier & Rice is a private investment firm with a strategy predicated on building stronger, more profitable businesses. Since inception, CD&R has managed the investment of $30 billion in 90 businesses representing a broad range of industries with an aggregate transaction value of approximately $140 billion. The Firm has offices in New York and London. For more information, please visit www.cdr-inc.com.