Blue Buffalo Family Reaps $860 Million Thanks to Beloved Terrier
Blue Buffalo Family Reaps $860 Million Thanks to Beloved Terrier
(Bloomberg) -- An Airedale terrier can claim credit for inspiring one of Connecticut’s largest fortunes.
Former ad-man Bill Bishop, together with sons Billy and Chris, founded Blue Buffalo Pet Products Inc. in 2002 after their dog Blue was stricken with cancer. The family wanted to feed their sick pet better food and worked with animal nutritionists and a veterinarian to create the products. They added the name “buffalo” to signify a period where animals roamed free in the Great Plains and ate only natural food.
Nearly two decades later, the family’s 7.6 percent stake is valued at $592 million after General Mills Inc. agreed to buy the maker of natural dog and cat food for about $8 billion. Dividends and stock sales take the family fortune to $860 million, according to the Bloomberg Billionaires Index.
News of the acquisition sent Blue Buffalo’s shares up 16 percent on Friday, adding $85 million to the family fortune. The Wilton-based company had revenue of about $1.3 billion in 2017 and the deal comes as global food giants snap up makers of natural and organic products, which are outpacing mainstream brands in growth.
Blue’s legacy should survive. General Mills plans to use Blue Buffalo to head up its pet operating segment.
To contact the reporter on this story: Tom Metcalf in New York at tmetcalf7@bloomberg.net.
To contact the editors responsible for this story: Robert LaFranco at rlafranco@bloomberg.net, Steven Crabill, Dan Reichl
©2018 Bloomberg L.P.