Just FYI re: Bertram Capital and their portfolio. They currently own BRS, what's left of Marine Depot, Ecotech, Neptune, AI and Leap. Bookmark this page and check it every couple of months to stay informed on other constituents of the foodchain they acquire:
https://www.bertramcapital.com/portfolio/aperture-pet-life/
Reasonable people can disagree on how private equity firms should be viewed, and the last thing I want is to open up a political discussion. But for what it's worth, I spent a significant chunk of my career providing legal services to private equity firms (though Bertram is not one of them), and I'm very familiar with their practices (and kudos to Bertram for at least being open about their portfolio holdings), and I can say with confidence that consolidation like this will inevitably result in (a) price increases that outpace inflation and (b) disappointing reductions in quality and service to the consumer.
Note that Bertram consummated its first investment in this space in December 2020, in the midst of a private equity feeding frenzy when market prices were depressed. Very few corners of the economy are free from private equity, and now we can count our niche hobby as among the victims.