From veterinary AI to pet wellness: the latest M&A deals

M&A activity in September and early October spanned veterinary AI, pet health, pet food ingredients, manufacturing and wellness products, with companies also expanding their presence across Europe and Asia.

IDEXX

IDEXX has acquired CoVet, a provider of AI-native ambient listening and clinical workflow software for veterinary practices. The financial terms of the transaction were not disclosed. CoVet’s technology captures and organizes information across consultations, treatment planning and client follow-up, reducing the documentation burden and saving clinicians time.

The US veterinary diagnostics and software company says the acquisition will strengthen its software, diagnostics and AI portfolio by making information generated across veterinary practices more accessible, actionable and connected.

Following the acquisition, CoVet will become part of the IDEXX software ecosystem, which will continue to support other ambient scribe solutions and third-party integrations. CoVet will also maintain integrations with practice management systems that are not operated by IDEXX.

CoVet’s presence across multiple regions will further extend the global reach of IDEXX’s software. This includes integration with IDEXX VetConnect™ PLUS and support for practice teams in markets where IDEXX does not currently offer practice management systems.

“CoVet brings leading workflow intelligence capabilities that complement our diagnostic and software ecosystem. Together, we can help veterinary professionals work more efficiently and unlock greater value from information generated throughout the clinical workflow to support expanded patient care,” says Mike Erickson, President and Chief Executive Officer of IDEXX. 

Esro Petfood

New Zealand agribusiness firm Scales Corporation has acquired Esro Food Group’s remaining 50% stake in Esro Petfood, taking full ownership of the European pet food ingredients business.

According to the company, Scales plans to rebrand the business and says the acquisition supports its medium-term growth ambitions in Europe.

In 2023, Scales and Esro Food Group formed the joint venture as 50/50 shareholders. The business produces pet food ingredients, with operations centered at 2 plants in the Netherlands and Belgium.

Scales Corporation will fully consolidate Esro Petfood’s results from September 2026. Its full-year guidance issued on 26 August 2026 remains unchanged.

Furlicks

Mumbai-based pharmaceutical company Fredun Pharmaceuticals (FPL) has expanded its pet wellness portfolio by acquiring Furlicks, a provider of oral-strip solutions for pets.

Fredun Medhora, Managing Director and Chief Financial Officer (CFO) of FPL, says Furlicks’ innovation and consumer-focused approach will complement the company’s manufacturing capabilities and scale.

As part of its initial expansion, FPL plans to introduce 12 new SKUs, followed by a second phase comprising 32 additional SKUs.

“Our focus is to scale Furlicks while preserving what makes the brand special: its innovation, simplicity and deep understanding of pet parents. With FPL’s resources and capabilities behind it, we see a strong opportunity to take what Furlicks has built to the next level and create India’s first comprehensive pet-wellness platform,” says Medhora, as reported by Business Standard.

CompletePet

US private equity firm Blue Sea Capital has acquired a majority stake in CompletePet from Align Capital Partners (ACP), with CompletePet’s management reinvesting alongside the buyer. The financial terms were not disclosed.

Based in Miami, Florida, CompletePet develops, formulates and manufactures pet wellness products, including soft chews, topical liquids and sprays, dental solutions, oils, powders and other custom formats.

ACP partnered with Custom Veterinary Services in 2021 to build a scaled, innovation-driven platform serving the growing pet wellness market. In 2025, the business acquired Green Mountain Animal, adding a second manufacturing facility in Vermont and expanding its capabilities before rebranding as CompletePet.

“CompletePet’s growth from a single 55,000-square-foot facility with just over 125 employees into a diversified platform with more than 350,000 square feet of capacity and over 500 team members is a tremendous accomplishment,” says Jack Parks, Partner at ACP. 

“That kind of transformation only happens when exceptional people are united around a shared commitment to serving customers and building a great business,” he adds.

The Farmer’s Dog

American direct-to-consumer (D2C) pet food manufacturer The Farmer’s Dog has completed the acquisition of Woof, a manufacturer of enrichment and wellness products.

The transaction, announced in August, marks the firm’s first acquisition and expands its business beyond pet nutrition. Woof will continue to operate independently under its existing brand and team, while gaining access to The Farmer’s Dog’s resources and capabilities to support its next phase of growth.

Founded in 2019, Woof is a Colorado-based pet care brand specializing in dog enrichment and interactive toys.

The Farmer’s Dog specializes in freshly cooked and minimally processed meal plans. According to the company, it has raised more than $150 million (€130.4M) since its founding in 2014.

VAFO

Czech pet food group VAFO has expanded its health and nutrition portfolio through a strategic investment in Austrian pet health diagnostics company PEZZ life.

The investment is intended to strengthen the links between pet nutrition, preventive care and diagnostics, building on VAFO’s existing activities in these areas, including its Biome9 business.

The announcement also included the launch of Sam’s Field, extending VAFO’s portfolio of pet food products. The developments form part of the group’s broader strategy to expand its presence in pet health and nutrition.

Umios

Japanese seafood group Umios Corporation has expanded its presence in the pet food sector through a strategic investment in Thailand-based Pataya Food Group, acquiring a 25.1% stake in the company.

Pataya operates across seafood and pet food, with brands including Regalos and Remy. The partnership is expected to support Umios’ expansion in the Asian pet food market by combining its seafood expertise and resources with Pataya’s manufacturing capabilities and regional presence.

The investment forms part of Umios’ wider strategy to develop its pet food business and strengthen its position in the growing Asian market.