SAN DIEGO, Nov 19, 2014 /PRNewswire/ -- Petco today announced it has entered into an agreement to acquire Drs. Foster and Smith, a leading veterinary-owned online pet supply company. This combination will unite one of the largest pet specialty retailers with one of the largest online pet retailers in the country.
Based in Rhinelander, Wisconsin, 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.
"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 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. 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.
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 exclusively 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 are not being disclosed.
For more information about Petco or to find a location near you, visit petco.com.
About Petco and the Petco Foundation
Petco is a leading pet specialty retailer that focuses on nurturing powerful relationships between people and pets. We do this by providing the products, services, advice and experiences that keep pets physically fit, mentally alert, socially engaged and emotionally happy. Everything we do is guided by our vision for Healthier Pets. Happier People. Better World. We operate more than 1,300 Petco locations across the U.S., Mexico and Puerto Rico, including more than 100 Unleashed by Petco locations, a smaller format neighborhood shop; 10 Pooch Hotel destinations for pet daycare, boarding and spa services; and petco.com. The Petco Foundation, an independent nonprofit organization, has raised more than $125 million since it was created in 1999 to help promote and improve the welfare of companion animals. In conjunction with the Foundation, we work with and support thousands of local animal welfare groups across the country and, through in-store adoption events, help find homes for more than 400,000 animals every year.
About Drs. Foster & Smith
Drs. Foster and Smith is the nation's largest catalog and online seller of pet supplies. They are also the leading veterinary-owned pet product supplier, providing pet owners with veterinary advice and quality pet supplies at affordable prices for over 31 years. For more information visit: http://www.drsfostersmith.com, http://www.liveaquaria.com or http://www.peteducation.com.
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SOURCE Petco
