DELRAY BEACH, Fla., April 03, 2023 (GLOBE NEWSWIRE) — PetMed Express, Inc., Your Trusted Pet Health Expert™ completed its previously announced acquisition of PetCareRx, a leading supplier of pet medications, food, and supplies, for total consideration of approximately $36 million in an all-cash transaction.
The acquisition will expand PetMeds’ overall addressable market from pet medication to a broader healthcare category leader. PetCareRx adds approximately 10,000 incremental food, diet and wellness products to the PetMeds current product offering. PetMeds believes it can expand its growth through a broader product catalog and differentiated services.
“We are extremely excited to welcome the PetCareRx team into the PetMeds
Pack,” said Matt Hulett, CEO and President of PetMeds. “PetCareRx is a proven brand with a large loyal audience. Their broader pet product catalog greatly expands the ability for PetMeds to sell more products to our existing base of over two million active customers. Incorporating the PetCareRx catalog will greatly enhance PetMeds’ ability to provide products and services from nose to tail, at a good value, to a growing number of pet parents.”
With the transaction’s closing, the consumer-facing PetCareRx e-commerce operation
and the brand will continue to run separately. Customers will continue to enjoy the same
world-class service and e-commerce experience, supported by a more efficient
distribution network and broader product selection.
CapM Advisors acted as the financial advisor to PetMeds in this transaction.
