PetIQ, Inc. Announces Successful Completion of Acquisition by Bansk Group

EAGLE, Idaho and NEW YORK, Oct. 25, 2024 (GLOBE NEWSWIRE) -- PetIQ, Inc. (“PetIQ” or the “Company”) (Nasdaq: PETQ), a leading pet medication, health and wellness company, today announced the successful completion of its acquisition by Bansk Group (“Bansk”), a consumer-focused private investment firm dedicated to building distinctive consumer brands, in an all-cash transaction valued at approximately $1.5 billion.

PetIQ stockholders will receive $31.00 in cash per PetIQ share in accordance with the terms of the transaction. With the completion of the transaction, PetIQ shares no longer trade on and will be delisted from the Nasdaq stock exchange. PetIQ is now a privately held company and continues to be operated independently by the Company’s executive team.

“We’re pleased to have delivered significant value for PetIQ stockholders through the completion of our transaction with Bansk Group,” commented Cord Christensen, Founder, Chairman and CEO of PetIQ. “Through our partnership with Bansk, we look forward to accelerating our mission of providing pet parents convenient access to affordable pet healthcare while accelerating many longer-term growth initiatives for PetIQ’s continued success.”

“We’re thrilled to partner with Cord and the entire PetIQ team. Together, we look forward to building on the Company’s strong momentum as a leading pet health and wellness platform,” said Chris Kelly, Senior Partner of Bansk Group. “By leveraging our extensive brand, marketing and operational experience, we see clear runway to expand and enhance PetIQ’s capabilities and offerings for pet parents.”

“We believe PetIQ is poised for continued success in the resilient and very attractive pet health and wellness category,” said Bart Becht, Senior Partner and Chairman of Bansk Group. “We look forward to supporting the talented PetIQ team in its next phase of growth, through strategic investments in marketing and innovation as well as strategic acquisitions.”

Advisors

Jefferies LLC served as financial advisor and Cooley LLP served as legal counsel to PetIQ. Davis Polk & Wardwell LLP served as legal counsel to Bansk Group.

About PetIQ

PetIQ is a leading pet medication, health and wellness company delivering a smarter way for pet parents to help their pets live their best lives through convenient access to affordable products and veterinary services. The Company's product business engages with pet parents through retail and e-commerce sales channels with its branded and distributed pet medications as well as health and wellness items. PetIQ manufactures and distributes pet products from its world-class facilities in Omaha, Nebraska, Springville, Utah and Daytona Beach, Florida. The Company’s veterinarian services offering operates in over 2,600 mobile community clinic locations and wellness centers hosted at retail partners in 39 states. PetIQ believes that pets are an important part of the family and deserve the best products and care we can provide them.