Pet health products supplier PetIQ to be acquired by Bansk Group for US$1.5b
PetIQ, Inc., a leading provider of pet medications and wellness products, has agreed to be bought by private investment firm Bansk Group in an all-cash deal.
Transaction snapshot
Deal value: US$1.5b
Deal multiples: N/A
Deal type: All-cash acquisition
Investors: Bansk Group
The deal, unanimously approved by PetIQ's Board of Directors, is set to close in the fourth quarter of 2024. It will see PetIQ become a privately held company, delisting from the NASDAQ Stock Market.
Cord Christensen, PetIQ's Founder, Chairman, and CEO, welcomed the acquisition. He highlighted the opportunity to continue executing the company's strategy and speed up growth initiatives with Bansk Group's support.
Bansk Group, known for managing consumer health products, aims to enhance PetIQ's capabilities and offerings. Chris Kelly, Senior Partner at Bansk Group, praised PetIQ's comprehensive pet health and wellness platform. Bart Becht, Senior Partner and Chairman of Bansk Group, noted PetIQ's uniquely differentiated brands in the pet health sector.
The deal is subject to PetIQ stockholder approval and standard closing conditions, including antitrust clearances. It does not depend on financing.
PetIQ has made its mark as a leader in pet healthcare, offering accessible products and services. The company runs manufacturing facilities in several states and provides veterinary services across the United States.
Founded in 2019, Bansk Group focuses on investing in consumer brands. Its past investments total over $30 billion across various transactions, with a focus on consumer health.
