PETS - PetMeds to expand customer product base with PetCareRx buyout

• PetMed Express ( NASDAQ: PETS ) has agreed to acquire PetCareRx, a supplier of pet medications, food, and supplies.
• The transaction is set to close in Q1/2023. The financial terms of the deal were not disclosed.
• The acquisition will see PetMeds expand its existing base of over 2M customers and add around 10,000 incremental wellness products to its offering. PetMeds will see an immediate revenue boost with the added customer base and product range.
• PetMeds CEO Matt Hulett said: "Together, PetMeds and PetCareRx will provide a much expanded product offering and accelerated growth by capturing a larger share of customer wallet through increased basket size and order frequency within the booming $120B annual sales U.S. pet care market. Pet parents will benefit from expanded choice in both prescription and non-prescription medicines, and thousands of incremental products, including premium and prescription food, treats, and supplements."
• PetMeds ( PETS ) will maintain the PetCareRx e-commerce operation and brand after the acquisition. The company's last acquisition was a stake in Vetster in April 2022 to expand its pet telemedicine presence.

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