Bansk Group, a consumer-focused private investment firm, is to acquire pet medication, health and wellness company PetIQ for $31.00 per share, in an all-cash transaction valued at approximately $1.5bn.
PetIQ’s board of directors has approved the offer, which represents a premium of approximately 41% to the 30-day volume-weighted average stock price as of 6 August 2024, the last trading day prior to announcement of the transaction, and a premium of approximately 51% to the closing stock price on that date.
Ina press statement, Cord Christensen, Founder, Chairman and CEO of PetIQ, said: “After a comprehensive assessment of the offer with the assistance of our outside advisors, the board has determined that this transaction represents an attractive outcome for PetIQ and our stockholders.
“This transaction provides us with an incredible opportunity to continue to execute on our strategy of providing pet parents convenient access to affordable pet healthcare while accelerating many longer-term growth initiatives.”
Bart Becht, Senior Partner and Chairman of Bansk Group added: “As longtime investors in the consumer health and wellness space, we believe PetIQ has developed a portfolio of uniquely differentiated brands in the very attractive pet health and wellness category. We look forward to working with the talented PetIQ team to support their strong momentum, including through investments in enhanced capabilities and offerings as well as through strategic acquisitions.”
