On February 12, Petco will permanently close all operations of Drs. Foster and Smith, a catalog and online pet supply retailer, with the exception of its live aquaria business, reported CBS-affiliate WSAW. The closure will affect 289 employees, who have all been informed and whose employment will end during the next 60 to 120 days. Drs. Foster and Smith is based in Rhinelander, Wisconsin, USA.
History of Drs. Foster and Smith and Petco
In November 2014, Petco entered into an agreement to acquire Drs. Foster and Smith, which was a veterinary-owned online pet supply company at the time. The acquisition united one of the largest pet specialty retailers with one of the largest online pet retailers in the US. The transaction was completed in early 2015.
Other recent Petco news on Petfood Industry
January 20, 2019 - Petco and Champion Petfoods announced a strategic partnership on Jan. 17 that will bring Champion's award-winning ACANA and ORIJEN dog and cat foods to all Petco stores and petco.com beginning March 4.
November 13, 2018 - Some of the more than 40 artificial ingredients Petco is eliminating include FD&C Red No. 3, Butylated hydroxyanisole (BHA), Butylated hytroxytoluene (BHT), Glycerol tributyrate, and benzaldehyde, among others.
September 4, 2018 - Online pet product buyers purchased from Amazon the most, with 35 percent.
History of Petco ownership
In November 2015, a deal was reached for Petco Holdings Inc. to be acquired by CVC Capital Partners Ltd. and the Canada Pension Plan Investment Board (CPPIB) in a US$4.6 billion deal, sources say.
In October 2015, merger talks between rivals PetSmart Inc. and Petco stalled because of disagreements over antitrust risks. And, last week, two groups of private equity-led bidders were reported to be gearing up to bid more than US$4 billion each for Petco. The other private equity group was with KKR & Co. and Hellman & Friedman.
In August 2015, Petco filed for an initial public offering of stock that could have valued it at US$5 billion to US$6 billion, including debt. And, in early October, the company said it would go public again after nine years of private ownership. But, later, Petco’s private equity owners decided to sell the company instead of following through on the IPO.
In late 2014, PetSmart Inc. was bought by a private equity consortium led by BC Partners Ltd. for US$8.7 billion.