Petco to Make New Acquisition

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Petco has entered into an agreement to acquire Drs. Foster and Smith, a veterinary-owned online pet supply company.

“This move underscores our commitment to nurturing the complete health and well-being of animals and further allows Petco to meet the diverse and expansive needs of pet parents,” said Jim Myers, Petco CEO. “As pet lovers first and foremost, our values are perfectly aligned with Drs. Foster and Smith, and we’re confident this new addition to our business will help us continue to offer the very best in products and services to pets and pet parents.”

The acquisition will complement Petco’s existing capabilities in pet health by including prescription services, including prescription diets, preventive care and a broad base of products created by licensed veterinarians.

In 2003, Drs. Foster and Smith began offering a full-service pharmacy that enables customers to fill prescriptions online and by mail order. The acquisition includes both Drs. Foster and Smith’s prescription services as well as its popular branded products, including joint care supplements, dog and cat foods, dog beds, cat furniture, horse supplies, equine equipment and other pet care essentials.

“At our founding, our intent with Drs. Foster and Smith was to provide pet owners with veterinary advice and quality pet supplies at affordable prices,” said Race Foster, DVM, and co-founder of Drs. Foster and Smith. “We believe Petco shares those same values, and we look forward to building on our original mission.”

The acquisition, in which Drs. Foster and Smith is exclusively represented by Falls River Group, is expected to be completed by early 2015 and is subject to customary closing conditions, including receipt of regulatory approvals. The terms of the deal are not being disclosed.