An activist investor already owns nearly 10% of Freshpet Inc. (FRPT) and plans to pressure the pet food company to make changes to boost the stock price and explore a sale, according to people familiar with the matter.
Jana Partners LLC believes Freshpet could be an attractive acquisition target for the industry’s larger competitors, which have shown interest in making deals in recent years, these people said. Jana also wants the company to consider other reforms, such as improvements in operations and capital allocation.
The activist hedge fund has brought in former Kraft Foods CFO Timothy McLevich, former skincare maker Rodan & Fields CEO Diane Dietz and former Jarden Corp. CEO James Lillie, these people said. help drive its efforts.
Two former professional athletes, basketball star Dwayne…
