Petco purchases remaining stake in joint venture with Thrive Pet Healthcare
This supports the health and wellness company’s veterinary and services focus.
Petco Health and Wellness Inc has entered into a definitive agreement to purchase Thrive Pet Healthcare's 50% stake in the parties' pet hospital joint venture. Currently, this venture operates approximately 100 full-service veterinary clinics in Petco pet care centers throughout 14 states nationwide under the Thrive brand.
"On behalf of everyone at Petco, I want to thank Thrive for partnering with us over the past four years to build a great business that is making a difference in the lives of pets every day," said Ron Coughlin, Petco CEO, in a company release.
"As we continue delivering on Petco's mission to improve lives, executing on one of the fastest veterinary expansions in history is enabling us to help keep more pets healthy, welcome new veterinary professionals into our family, drive additional pet care center traffic and deliver tremendous shareholder value," he added.
Petco and Thrive Pet Healthcare created the strategic joint venture in May 2017 designed to meet all pet needs in a single location. They debuted full-service veterinary clinics in Petco pet care centers that offer high-quality veterinary services to companion animals and their parents in a convenient setting.
What’s more, Petco will provide more than 800 veterinary professionals the chance to join its network of more than 27,000 Petco partners (employees) dedicated to helping pets live full, rewarding lives. Petco will also transition the nearly 100 Thrive locations to its Vetco Total Care hospital branding, providing a consolidated brand customer experience for their full-service veterinary practices across the Petco pet care center network, according to the release.
"We're thrilled to officially welcome this talented group of veterinary professionals to our Petco family," said Whitney Miller, DVM, MBA, DACVPM, Petco chief veterinarian. "Every day, they provide expert veterinary care to pets and pet parents in our Petco pet care centers. In return, all of us on Petco's leadership team are committed to a seamless transition, as well as fostering an environment where they can continue growing their practices and careers while performing the best medicine possible and supporting their own wellbeing."
The transaction is anticipated to close in quarter 2 of 2022, subject to closing conditions.
Reference
Petco advances veterinary and services focus with purchase of remaining stake in joint venture with Thrive Pet Healthcare. News release. Petco Health and Wellness Company, Inc. March 3, 2022. Accessed March 4, 2022. https://www.prnewswire.com/news-releases/petco-advances-veterinary-and-services-focus-with-purchase-of-remaining-stake-in-joint-venture-with-thrive-pet-healthcare-301495366.html
