November 19, 2014 at 4:49 p.m.
Petco to acquire Drs. Foster and Smith
Petco to acquire Drs. Foster and Smith
This combination will unite one of the largest pet specialty retailers with one of the largest online pet retailers in the country, Petco said in a press release issued Wednesday afternoon.
"Based in Rhinelander, Drs. Foster and Smith are among the nation's foremost authorities on pet care and education, with a strong reputation for their scope of veterinary expertise on prescription medications and quality products for dogs, cats, fish, birds, reptiles, horses, pond life and small animals," the release states.
"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."
"Petco provides customers with high-quality pet food, supplies and services, driven by the understanding that pet health goes beyond basic needs to include support of the physical, mental, social and emotional needs of pets," the release states. "The acquisition will complement Petco's existing capabilities in pet health to include prescription services, including prescription diets, preventive care and a broad base of products created by licensed veterinarians."
Drs. Foster and Smith was founded in 1983 as a group of four veterinary clinics with the goal of helping pets live healthier, happier lives by providing the highest quality veterinary care available," the release notes "Dr. Race Foster, Dr. Rory Foster and Dr. Marty Smith's Animal hospitals in northern Wisconsin were the first in the nation to offer free rabies vaccinations and free spay/neutering services," the release states. "Since its beginnings, Drs. Foster and Smith has developed a sterling reputation on the strengths of its top-level customer service, consumer education and competitive pricing, evidenced by tremendous customer loyalty and satisfaction. In 2003, the company began offering a full-service pharmacy that enables customers to fill prescriptions online and by mail-order. The acquisition includes both Drs. Foster & 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 are 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 have not been disclosed.
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