Business
PetMeds® Completes Acquisition of PetCareRx
DELRAY BEACH, Fla., April 03, 2023 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (“PetMeds®”) (NASDAQ: PETS), Your Trusted Pet Health Expert™ completed its
About this update from Petmed Express, Inc.
[{"type":"text","content":"DELRAY BEACH, Fla., April 03, 2023 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (“PetMeds®”) (NASDAQ: PETS), 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 PetMedsPack,” 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 operationand the brand will continue to run separately. Customers will continue to enjoy the sameworld-class service and e-commerce experience, supported by a more efficientdistribution network and broader product selection. CapM Advisors acted as the financial advisor to PetMeds in this transaction. FORWARD-LOOKING STATEMENTS This press release of PetMed Express, Inc. (the “Company”) contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. Words such as “may,” “could,” “expect,” “project,” “outlook,” “strategy,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “strive,” “goal,” “continue,” “likely,” “will,” “would” and other similar words and expressions are intended to signify forward-looking statements. Such forward-looking statements are necessarily based upon est...