$1.5 billion: PetIQ agrees to acquisition by PE firm

PetIQ, a leading pet health and wellness firm, has entered a definitive agreement for a $1.5 billion (€1.37B) acquisition by Bansk Group, a consumer-focused private investment firm.

The group will acquire all PetIQ’s outstanding shares for $31.00 (€28.34) each. The transaction is expected to close in the fourth quarter of 2024.

The acquisition will enable the pet health and wellness company to execute its strategy to provide affordable and convenient healthcare options while accelerating its long-term growth initiatives.

“We are excited to partner with Bansk Group and to utilize their extensive operational and brand-building experience, including their direct expertise of managing consumer health products for over 4 decades”, says Cord Christensen, Founder, Chairman and CEO of PetIQ.

Bansk Group will support PetIQ through “investments in enhanced capabilities” and “strategic acquisitions.”

Bart Becht, Senior Partner and Chairman of Bansk Group, recognized the company as having developed a portfolio of “uniquely differentiated brands” in the attractive pet healthcare category.

Financial update

PetIQ reported net sales of $637.4 million (€583.7M) in the first 6 months of 2024, a 5.3% year-on-year (YoY) increase.

Net sales in the product segment totaled $568.1 million (€520.1M), marking an increase of 5.8%. Sales in the service segment also improved by 2.1% YoY to $69.3 million (€63.4M).

Gross profits were $162.8 million (€149M), an increase of 19.6% compared to the same period last year.

“The strategic marketing investments and operational initiatives our team is executing on across the organization are delivering results, and we expect them to support our long-term growth and success,” says the company’s CEO.