Petco to acquire online pet product retailer Drs. Foster and Smith

Petco has entered into an agreement to acquire Drs. Foster and Smith, a veterinary-owned online pet supply company. The acquisition will unite one of the largest pet specialty retailers with one of the largest online pet retailers in the US.

"This move underscores our commitment to nurturing the complete health and well-being of animals and further allows Petco to meet the diverse and expansive needs of pet parents," said Jim Myers, Petco CEO. "As pet lovers first and foremost, our values are perfectly aligned with Drs. Foster and Smith, and we're confident this new addition to our business will help us continue to offer the very best in products and services to pets and pet parents." The acquisition will complement Petco's existing capabilities in pet health to include prescription services, including prescription diets, preventive care and a broad base of products created by licensed veterinarians.

"At our founding, our intent with Drs. Foster and Smith was to provide pet owners with veterinary advice and quality pet supplies at affordable prices," said Race Foster, DVM, co-founder of Drs. Foster and Smith. "We believe Petco shares those same values, and we look forward to building on our original mission." The acquisition includes both Drs. Foster & Smith's prescription services as well as its popular branded products, including joint care supplements, dog and cat foods, dog beds, cat furniture, horse supplies, equine equipment and other pet care essentials.

The transaction is expected to be completed by early 2015 and is subject to customary closing conditions, including receipt of regulatory approvals. The terms of the deal are not being disclosed.