California-based pet health and wellness company Petco has agreed to purchase a 50% stake in Thrive Pet Healthcare, a veterinary firm that serves more than 1.3 million pet families annually, Petco announced Friday (March 4).
Thrive Pet Healthcare operates nearly 100 veterinary hospitals at Petco stores in 14 states. Petco said it signed the deal to offer pet parents a one-stop solution to convenient, affordable, high-quality pet care.
“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…,” said Petco CEO Ron Coughlin in a statement.
Petco and Thrive formed their partnership in 2017 to meet pet needs under one roof. They launched full-service veterinary hospitals in Petco pet care centers that promises high-quality veterinary services to pets and their parents conveniently.
Terms of the deal were not disclosed. The transaction is expected to close in the second quarter of 2022, subject to closing conditions.
As a result of the contract, Petco said it will offer more than 800 veterinary care professionals the opportunity to join its network of more than 27,000 Petco employees.
In addition, Petco said it will transform nearly 100 Thrive sites to its Vetco Total Care hospital brand, offering customers access to their full-service veterinary hospitals across the Petco pet care center network.
In January, PYMNTS reported Petco and Lowe’s entered into a joint venture that will place 15 Petco-Lowe’s store-in-stores in three states.
See also: Lowe’s, Petco to Pilot 15 Mini Store-in-Store Locations
In announcing the partnership, the two retailers said research revealed 58% of consumers said they would be more likely to shop at a do-it-yourself store if they could also purchase their pet supplies there.
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