Velcro Companies has acquired a minority stake in pet products firm Petface Ltd, with plans to bring collaborative products to market.

The latest investment furthers the commitment Velcro Companies has made to building its global consumer products business.

Through the partnership, the two companies will collaborate to develop new products that feature Petface’s pet-friendly designs with the convenience of Velcro.

Under the new agreement, the existing Petface management team will remain in place. Other financial terms were not disclosed by either party.

Established just six years ago, Petface is a UK-based designer and distributor of pet-related products. The company has over 3,000 products across the dog, cat, small pet and wild bird categories and specialises in selling to large retailers, independent pet specialists, and garden centres.

Velcro Companies vice president of strategic execution, Mark Sater said: “This new shared venture with Petface represents another strategic step in building our presence in growth markets, and we are enthusiastic about the significant further potential for Petface to develop and deliver innovative products and expand globally. This agreement reflects our commitment to create a powerful global consumer business by developing new products and leveraging the strong consumer awareness of the Velcro brand. With a heritage of innovation and a passion for great product design, Petface is an ideal partner to help us realise this goal.”

Petface CEO Peter Johnson said: “The investment by Velcro Companies represents a resounding endorsement of our success to date and acceptance of our commitment and enthusiasm towards pets and pet owners. We are looking forward to working with their development teams, and both businesses are dedicated to the details that make products functional, durable and easy to use. This significant investment aligns the business and gives Petface the perfect platform to grow internationally.”