PetMed Express, Inc. (PetMeds®), a trusted name in pet health, has officially announced its acquisition of PetCareRx, a leading online supplier of pet medications, food, and various pet care products. The deal, finalized on April 3, 2023, involved an all-cash transaction of approximately $36 million. This strategic move significantly broadens PetMeds’ reach in the pet health market, extending beyond medications to encompass a wider spectrum of pet care needs.
By integrating PetCareRx, PetMeds is set to enhance its product offerings substantially. PetCareRx brings to the table around 10,000 additional products, focusing on food, specialized diets, and wellness items. This expansion allows PetMeds to cater to a more comprehensive range of pet needs, aiming for growth through a richer product catalog and enhanced service offerings.
Matt Hulett, CEO and President of PetMeds, expressed enthusiasm about the acquisition, stating, “We are thrilled to welcome the PetCareRx team into the PetMeds family. PetCareRx has established itself as a reputable brand with a strong and loyal customer base. Their extensive pet product range significantly increases our capacity to offer more to our existing two million active customers. Incorporating the PetCareRx catalog is a major step in our mission to provide complete pet care solutions, from nose to tail, with great value for the growing community of pet parents.”
Post-acquisition, PetCareRx will maintain its consumer-facing e-commerce operations and brand identity, continuing to operate independently. Customers of PetCareRx can expect to receive the same high standard of service and online shopping experience they are accustomed to. The acquisition is designed to enhance the overall customer experience through a more efficient distribution network and an expanded selection of products available under the umbrella of PetMeds’ pet care services.
CapM Advisors served as the financial advisor to PetMeds for this transaction.
Forward-Looking Statements
It’s important to note that this announcement includes forward-looking statements based on current expectations and assumptions. These statements are subject to risks and uncertainties, and actual results may differ. Factors that could impact these statements are detailed in PetMed Express, Inc.’s filings with the Securities and Exchange Commission, including their annual report on Form 10-K and other filings. These forward-looking statements are relevant as of the date of this release, and the company undertakes no obligation to update them unless required by law.
PETMEDS INVESTOR RELATIONS CONTACT
Brian M. Prenoveau, CFA
MZ Group
561-489-5315
[email protected]
