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Private equity firm Bansk Group entered a definitive merger agreement on August 7, 2024, to acquire pet health company PetIQ, Inc. (PETQ) for about $1.5 billion in cash.
According to the terms of the merger agreement, Bansk Group will acquire all of the outstanding shares of PetIQ’s common stock for $31.00 per share, representing a premium of 50.7% from the stock’s last close.
PetIQ is a pet health company that offers affordable pet medications, health products, and veterinary services through stores, online, and mobile clinics in 39 states, helping pets live healthier lives.
Bansk Group is a New York-based private investment firm founded in 2019, that builds and invests in distinctive consumer brands across beauty, health, food, and household products.
The deal gives the consumer-health-focused private equity firm access to PetIQ’s pet health products, like over-the-counter medications, diagnostic tests, and grooming services.
PetIQ’s current EV/EBITDA (TTM) ratio is 10.89, below the sector median of 15.64.
The transaction is expected to close in the fourth quarter of 2024, at which point PetIQ will become a privately held company.
For a detailed analysis of this merger and acquisition transaction, visit the Deal Metrics page here:
Deal Metrics for the acquisition of PetIQ, Inc. (PETQ) by Bansk Group.
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Editor’s Note: Baranjot Kaur contributed to this article