PetMeds acquires PetCareRx for $36M cash; adds ~200K customers, ~$42M revenue

PETMED EXPRESS INC

All-cash deal $36M plus working capital adjustments; expected close Q1 2023.
PetCareRx contributed ~$42M revenue (12 mo. to Oct 2022) and ~200K customers.
Deal adds ~10K incremental wellness products; PetMeds will keep PetCareRx brand separate.
Boards of both companies approved; conditions include regulatory and pharmacy license filings.
Second major transaction in 9 months; follows Vetster investment in Apr 2022.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PETMED EXPRESS INC entered into Merger Agreement with PetCareRx, Inc. valued at $36 million in cash (effective 2023-01-13).

Action: entry
Agreement: merger
Counterparty: PetCareRx, Inc.
Value: $36 million in cash
Effective: 2023-01-13

Exact text from the filing

On January 13, 2023, PetMed Express, Inc. (the “ Company ”) entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) by and among the Company, Harry Merger Sub, Inc., a New York corporation and a wholly-owned subsidiary of the Company (“ Merger Sub ”), PetCareRx, Inc., a New York corporation (“ PetCareRx ”), and Jeanette Loeb (as representative of the PetCareRx equity holders).

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PETMED EXPRESS INC filing history →

Source: SEC EDGAR

accession 0001040130-23-000003

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