Tully & Holland announces sale of Phelps Industries, LLC to an affiliate of Wafra Investment Advisory Group, Inc.

January 3, 2013

Tully & Holland, Inc. is pleased to announce its role as financial advisor to Phelps Industries, LLC in its sale to a newly formed affiliate of Wafra Investment Advisory Group, Inc. of New York. Terms of the transaction were not disclosed.

Phelps Industries is a leading manufacturer and marketer of specialty pet treats sold under private label and contract manufacturing agreements to leading retailers and pet food marketers throughout the world. Customers of its cold extruded and organic dog treats include leading grocery and specialty pet retailers, as well as multi-national branded pet product companies.

Following its acquisition from Nestle S.A. in 1990, Phelps has grown to become the second largest manufacturer of premium quality cold extruded dog treats in the United States. Phelps operates with three lines of business: branded, private label, and contract manufacturing and packaging of dog treats. The company is headquartered in Wakefield, MA, with a production facility located in Rockford, IL.

Wafra Investment Advisory Group is a New York-based registered investment adviser serving over 30 institutional and private clients from around the world. Wafra's Direct Equity Division takes control and minority positions in middle market operating companies for a group of international institutional clients.