Swedencare acquires premium pet supplements company NaturVet
Through the acquisition, worth $447.5 million (€393M), Swedencare gains a stronger foothold in the US pet supplements market.
At the same time, Swedencare can gradually expand NaturVet’s distribution across the world through its global distribution network.
NaturVet was founded in 1994 by CEO Scott Garmon and offers pet supplements in 20 different categories. All products are produced in their own production facility in California. The company’s main distribution channel is retail (in around 15,000 pet shops) and through large online platforms like chewy.com and Amazon.
NaturVet’s sales for 2020 were $48.4 million (€42.5M) with an adjusted EBITDA of $15.3 million (31.7%). Corresponding sales for the period October 2020-September 2021 were $60.6 million (€53,2M) with an adjusted EBITDA of $18.9 million (31.1%).
Scott Garmon will continue to lead the company together with his experienced management team. Garmon will also become one of the largest shareholders of Swedencare.
”NaturVet is a dream partner and the acquisition means that we take a big leap towards our goal to become a leading global pet healthcare group within nutraceutical and dermatology premium products to pets and companion horses. Through the acquisition, we get a broad, well-known and appreciated product portfolio, a high-quality product facility that can be considered a leader in soft chews and fantastic customer coverage in the US as we now add to our approximately 15,000 veterinary clinics the same number of pet shops while increasing our online share significantly. With Scott Garmon and his very experienced management team together with our entrepreneurial management teams in the subsidiaries in the US and Europe we have a great setup for a continued exciting development. We have identified a number of very interesting synergy projects that will further increase our growth rate.” says Håkan Lagerberg, CEO of Swedencare.
“I am excited about our transaction with Swedencare as it will enhance our ability to introduce new categories from the Swedencare Group offerings and continue to grow our industry leading products like ArthriSoothe, Quiet Moments, GrassSaver, and No Scoot. NaturVet will also be completing our third soft chew line, increasing production capacity by 100%, thus allowing us to lead the industry with our 98% fill rate.” says Scott Garmon.
In 2022, a completely new product series will be launched with superfoods focused on millennials who have acquired their first pet.
Share this story:
