Chewy to Acquire SmartEquine, Expanding Leadership in Equine Health Category

Chewy, a leader in pet food, supplies and healthcare, recently announced it has entered into a definitive agreement to acquire SmartPak Equine from Covetrus, Inc.

SmartEquine, which rebranded from SmartPak in July 2025, is a leading U.S. provider of equine health products. The company is recognized for its proprietary subscription-based supplement programs, personalized nutrition plans, and broad portfolio of tack, gear, and therapeutic products designed to meet the unique needs of every horse and rider.

This acquisition strengthens Chewy’s position as a leader in the equine category and accelerates the company’s expansion into higher-margin health and wellness verticals. By combining SmartEquine’s premium product portfolio and loyal customer base with Chewy’s unmatched logistics, innovation and customer service, Chewy will deliver a differentiated and comprehensive value proposition to equine customers nationwide.

Key expected benefits to Chewy include:

• Category Expansion and Margin Growth: Enhances Chewy’s product mix with a broader offering in the high-margin equine supplements segment.
• Recurring Revenue Synergies: SmartEquine’s subscription model aligns with and strengthens Chewy’s recurring revenue base.
• Customer Lifetime Value Growth: Expands Chewy’s opportunity to increase share of wallet among a passionate and underserved customer segment.
• Financial Accretion: The transaction is expected to be adjusted EBITDA margin accretive upon closing.

“We are thrilled to welcome SmartEquine to Chewy,” said Mita Malhotra, president, Chewy Health. “Together, we’ll bring even greater expertise, convenience, and care as a trusted destination for the equine community.”

The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in Chewy’s fourth quarter of fiscal year 2025. The deal is an all-cash transaction that Chewy anticipates financing through its existing balance sheet.