In a deal valued at $8.4 billion, pet food giant VitalPet has bought out the remaining shares of pet food companies including Dr. Pet Food, PetSmart and PetCo, as well as buying out its own holdings.
The deal is valued at roughly $7.4 trillion, according to an Axios analysis of regulatory filings.
That’s more than the total value of all the other pet food deals.
In a statement, VitalPets said it has “made significant investments in the food industry in recent years, including the acquisition of Dr.
Pet Food and PetSmart in 2016 and the acquisition in 2018 of PetCo.
It also has significant holdings in food producers, including PetCo-branded brands.”
PetCo, owned by the PetSmart group, has seen its share price fall over the last two years.
The purchase will enable Vital Pet to continue to grow its portfolio of pet foods and feed brands, which includes the premium brands Dr. Pets, Dr. Peanut, and Dr. Puffs.
PetCo has been a leading provider of premium pet foods, including Dr Peanut and Dr Puffs, to veterinarians, pet parents and other consumers for years.
But its brand portfolio has suffered since it began selling Dr.
Puffs in late 2017.
Petco’s market share in the pet food business has also fallen over the past few years, to just under 8% in 2016, according a report from Euromonitor International.
It has lost market share to rival Nestle, which owns about 40% of the market.
Dr. Pet Foods, which operates in 36 states and has more than 100 million registered users, has struggled to gain a foothold in the market as it has shifted to pet food that it says is healthier and more nutritious.
VitalPet will continue to operate its own brands, including brands that have grown in popularity with consumers, such as Dr. Pepper, Dr Peanuts, Dr Pepper Snapple and Dr Pepper Puffs and Dr Pet Snack.