Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

April 28, 2016

Jobs reportedly cut as Putney deal closes

Photo / Tim Greenway Jean Hoffman, Putney Inc.'s founder and former CEO.

Early Thursday morning, the $200 million acquisition of the Portland-based veterinary product company Putney Inc. officially came to a close and with it came the news that the company’s new owner, Dechra Pharmaceuticals, reportedly let go 17 of Putney’s approximately 60 employees.

Jean Hoffman, Putney’s founder and former CEO, told the Maine Startups Insider that she wasn’t told about the job cuts — which took place on Monday and Tuesday — until friends and former colleagues at Putney told her.

“It’s painful,” Hoffman told the Maine Startups Insider. “It’s hard to watch what’s happened to these individuals, but I have a lot of confidence they’ll go on to do great things.”

The Maine Startups Insider reports that the cuts primarily came from the company’s commercial team, which includes sales, marketing, customer service and logistics staff.

Hoffman added that the exact number of job cuts isn’t currently known, as she was told that the company laid off a number of employees that it didn’t intend to before calling them back in.

Putney was founded in 2006 by Hoffman. The company has been recognized by numerous publications including Inc., which included the company in its list of fastest-growing companies in 2013. Mainebiz also recognized Hoffman as a 2009 Woman to Watch and a Business Leader of the Year in 2012, and Putney as a runner-up for our selection of 2015's Fastest Growing Company.

Read more

Mainebiz's 2015 Fastest Growing Companies

Putney sold for $200M to UK veterinary company; founder to leave

Following sale, Putney founder gifts nearly $1M to employees

Venture-backed biotech companies race to public markets

Sign up for Enews


Order a PDF