Borgman Capital Expands Portfolio with Acquisition of Buck Bone Organics

Milwaukee-based private equity firm Borgman Capital has made a strategic move by adding Bozeman, Montana-based Buck Bone Organics to its portfolio of companies. The undisclosed investment will see Borgman Capital providing guidance to Buck Bone as it enters its next phase of growth.

Buck Bone Organics specializes in producing a range of 100% natural antler chews, treats, and toys for dogs of all sizes. The company’s commitment to eco-friendly and health-conscious products has resonated with dog owners, leading to a strong track record of growth.

Sequoya Borgman, founder and CEO of Borgman Capital, expressed excitement about the partnership with Buck Bone. He highlighted the company’s founder-owned status, growth potential, and unique product line as key factors in the decision to invest. With the pet industry experiencing significant growth, Borgman Capital sees Buck Bone as a valuable addition to its lower middle market portfolio.

In addition to antler chews, Buck Bone offers a variety of products such as biscuits, dental sticks, jerky bites, yak chews, antler powder, and other toys made from naturally shed antlers of deer, elk, and moose. The company’s products are hand-cut, manufactured, and packaged in Bozeman before being distributed to major retailers like Amazon, Costco, Chewy, and Hollywood Feed.

Jackie Steigleman, CEO of Buck Bone Organics, expressed gratitude for the opportunity to partner with Borgman Capital. She described the journey of building the business from the ground up as a labor of love, driven by a passion for dogs, commitment to their health, and care for the environment. The investment from Borgman Capital marks a significant milestone for Buck Bone as it continues to grow and expand its brand.

This acquisition marks Borgman Capital’s 18th investment since its establishment in 2017 and its first foray into the pet industry. Senior financing for the deal was provided by St. Paul, Minnesota-based Highland Bank, with legal counsel from Milwaukee-based Reinhart Boerner van Deuren. The partnership between Borgman Capital and Buck Bone Organics is set to drive further growth and success in the pet industry.