The company was founded in 1994 by chairman and CEO Dr. Steve Tsengas and chief operating officer Dean Tsengas. Dr. Steve Tsengas is an enterprising engineer who has been elected to the National Inventors Hall of Fame. In a past MissionIR OPCO interview (http://dtn.fm/5kLUU), he revealed that one rationale behind the founding of OurPet’s Company was the lack of innovation in the pet industry back in the 1990s. As a result, a decision was made to concentrate on creating truly novel products that solved problems for pets and pet parents, along with the marketing and distribution of those products, rather than manufacturing. Since its inception, OPCO has stuck to that mission and successfully passed many mirthful milestones.
In 1994, its first product, the Big Dog Feeder®, which made it easier for big dogs to eat by elevating the feeding bowl, created quite a stir at a classic pet show in Cleveland, Ohio. Three days after its debut, the feeder recorded sales of about $6,500. In 2001, the company became publicly traded on the Over-the-Counter Bulletin Board under the symbol OPCO. OPCO continued on this inventive path by acquiring or creating brands like the Play-N-Squeak®, Cosmic Catnip™, Go! Cat! Go!®, Durapet®, SmartScoop® and Flappy®. In 2014, it launched its dual brand strategy with OurPets® and Pet Zone®. Products under the OurPets® brand are targeted at pet specialty retailers, while those under the Pet Zone® brand are distributed through the food, drug and mass retail channels.
Now, OurPet’s Company is set to exploit the amazing possibilities offered by new digital technologies with its OurPets® Intelligent Pet Care™ (http://dtn.fm/0Hcpa) product line. This suite of products is designed to help parents monitor their pets by employing a combination of infrared (IR), Bluetooth and Wi-Fi technologies.
OurPet’s Company has been growing much faster than the industry as a whole. Since 2010, it has had an annual compound growth rate (CAGR) of about six percent, while the industry has experienced a more modest four percent. The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) have increased from $403,761 in Q1 2014 to $958,263 in Q3 2016, while net income has increased by 269 percent over the same period, from $134,427 to $495,669. The cats and dogs at OurPet’s Company are racing ahead like cheetahs and greyhounds.
For more information, visit the company’s website at www.OurPets.com
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