SAN DIEGO, March 3, 2022 /PRNewswire/ -- As part of
Petco Health and Wellness Company, Inc.'s (Nasdaq: WOOF) ongoing
commitment to offer pet parents a one-stop solution to convenient,
affordable, high-quality pet care, today, Petco and Thrive Pet
Healthcare announced Petco has entered into a definitive agreement
to purchase Thrive Pet Healthcare's 50% stake in the parties' pet
hospital joint venture which currently operates nearly 100
full-service veterinary hospitals in Petco pet care centers across
14 U.S. states, under the THRIVE brand.
Petco and Thrive Pet Healthcare formed the strategic joint
venture in May 2017 to meet all pet
needs under one roof. Together, they launched full-service
veterinary hospitals in Petco pet care centers that deliver
high-quality veterinary services to pets and their parents in a
convenient setting.
In connection with the transaction, Petco will offer over 800
veterinary care professionals the opportunity to join its network
of more than 27,000 pet-loving Petco partners (employees) committed
to helping pets lead full, rewarding lives. Additionally, Petco
will transition the nearly 100 THRIVE locations to its Vetco Total
Care hospital branding, offering a consolidated brand experience to
customers of their full-service veterinary hospitals across the
Petco pet care center network.
"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 Petco CEO, Ron
Coughlin. "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."
"We are incredibly grateful for our team members' contributions
to the health and wellbeing of the pet families we all serve," said
Thrive Pet Healthcare Chief Operating Officer, Odis Pirtle. "With demand for high-quality pet
care at an all-time high, we see continued growth ahead for Petco
and Thrive as we both strive to meet the needs of pets and pet
parents independently. Our commitment remains the same – creating a
more connected and innovative ecosystem that will continue
expanding accessibility to veterinary services and healthcare
across primary, acute, and specialty care."
"We're thrilled to officially welcome this talented group of
veterinary professionals to our Petco family," said Petco Chief
Veterinarian, Dr. Whitney Miller,
DVM, MBA, DACVPM. "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 expected to close in the second quarter of
2022, subject to closing conditions.
About Petco, The Health + Wellness Co.
Petco is a
category-defining health and wellness company focused on improving
the lives of pets, pet parents and our own Petco partners. Since
our founding in 1965, we've been striving to set new standards in
pet care, delivering comprehensive wellness solutions through our
products and services, and creating communities that deepen the
pet-pet parent bond. We operate more than 1,500 Petco locations
across the U.S., Mexico and
Puerto Rico, including a growing
network of more than 150 in-store veterinary hospitals, and offer a
complete online resource for pet health and wellness at petco.com
and on the Petco app. In tandem with Petco Love (formerly the Petco
Foundation), an independent nonprofit organization, we work with
and support thousands of local animal welfare groups across the
country and, through in-store adoption events, we've helped find
homes for more than 6.5 million animals.
About Thrive Pet Healthcare
Thrive Pet Healthcare is a
leading veterinary service network that uniquely delivers a
continuum of care to pet families and services to veterinary
hospitals. With an industry-first membership program and over 400
acute, primary, and specialty hospitals, Thrive Pet Healthcare
offers personalized, accessible care through every stage of a pet's
life and health. The veterinarian founded and led organization
provides premier benefits for practice staff while elevating
privately held veterinary hospitals with innovative service and
technology solutions. By focusing on the needs and aspirations of
veterinary care providers, Thrive Pet Healthcare is supporting the
wellbeing of the industry and raising the national bar for
veterinary excellence. For more information about Thrive Pet
Healthcare, please visit: http://thrivepetcare.com
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, concerning expectations, beliefs, plans,
objectives, goals, strategies, future events or performance and
underlying assumptions and other statements that are other than
statements of historical fact. Although Petco believes that the
expectations and assumptions reflected in these statements are
reasonable, there can be no assurance that these expectations will
prove to be correct. Forward-looking statements are subject to many
risks and uncertainties, including the risk factors that Petco
identifies in its Securities and Exchange Commission filings, and
actual results may differ materially from the results discussed in
such forward-looking statements. Petco undertakes no duty to update
publicly any forward-looking statement that it may make, whether as
a result of new information, future events or otherwise, except as
may be required by applicable law, regulation or other competent
legal authority.
Petco Media Contact:
Ventura
Olvera
ventura.olvera@petco.com
Thrive Pet Healthcare Media Contact:
Mariya Barnes
media@thrivepet.com
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SOURCE Petco Health and Wellness Company, Inc.