DELRAY BEACH, FLA. — PetMed Express, Inc. announced Jan. 17 it has reached an agreement to acquire PetCareRx. According to PetMeds, the acquisition will provide an immediate revenue boost, as well as additional product and service offerings.
Founded in 1998, PetCareRx offers pet medications, food and supplies through its e-commerce platform. The company carries dry, wet and freeze-dried dog and cat food formulas, as well as treats, vitamins and supplements from a variety of pet nutrition brands, including Blue Buffalo, Ark Naturals, Purina, Canidae, IAMS, Earthborn Holistic, Hill’s Pet Nutrition and many others.
PetMeds was founded in 1996 and offers pet medications, products and services directly to consumers.
The acquisition is expected to expand PetMeds’ customer base and add about 100,000 wellness products to its offerings.
“We believe this acquisition will not only be highly beneficial to our customers but will also drive significant shareholder value over the long-term,” said Matt Hulett, president and chief executive officer of PetMeds. “Together, PetMeds and PetCareRx will provide a much expanded product offering and accelerated growth by capturing a larger share of customer wallet through increased basket size and order frequency within the booming $120 billion annual sales US pet care market. Pet parents will benefit from expanded choice in both prescription and non-prescription medicines, and thousands of incremental products, including premium and prescription food, treats, and supplements.
“PetMeds first became an iconic brand with our ground-breaking prescription medication business, and we intend to continue to innovate with a broader focus on a wider pet health strategy,” he added. “The acquisition of PetCareRx accelerates the execution of our growth strategy to become the go-to expert in all things pet health and wellness by providing our customers with a broader product offering of the best products on the market.”
Following the acquisition, the companies will operate separately with PetMeds maintaining PetCareRx’s e-commerce platform. The companies will offer consumers more product offerings, supported by a more efficient distribution network.
“The PetCareRx team has worked to build a business that inspires trust and loyalty by providing pet parents with 'nose to tail' products at great value with uncompromising quality and service,” said Jeanette Loeb, chief executive officer of PetCareRx. “Joining forces with PetMeds will enable a more holistic pet wellness experience with greater resources and scale and a shared commitment to improving the lives of pet parents across the United States.”
The acquisition is expected to close in the first quarter of 2023 and represents PetMeds’ second major acquisition in the past nine months, following an investment from Vetster in 2022.
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