PetMed Express to acquire PetCareRx, terms undisclosed

PetMed Express has reached a definitive agreement to acquire PetCareRx, a supplier of pet medications, food, and supplies.The combined entities will expand PetMeds’ existing base of over two million customers and will add approximately 10,000 incremental wellness products to the company’s existing product offering. The acquisition of PetCareRx gives PetMeds an immediate revenue boost, and the company believes it can expand on that growth through an expanded product catalog and differentiated services."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, CEO and President 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 $120B annual sales U.S. 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 supplement. The transaction is subject to customary closing conditions and completion of regulatory review. The deal has been approved by the board of directors of both PetMeds and PetCareRx and is expected to close in the first quarter of 2023.