PetSmart, an American retail chain based in Phoenix, AZ, entered into a definitive agreement to acquire Chewy, a major US online retailer of pet-related products. Although the specific purchase remain undisclosed at this time; Paul Cuatrecasas, CEO of Aquaa Partners purported the amount to be in excess of $3 billion.
Michael Massey, president and chief executive officer of PetSmart, said: “PetSmart strives to be the trusted partner to pet parents and pets in every moment of their lives. We are focused on improving our customers’ experience in-store and online as we continue to execute against our long-term strategic initiatives. Chewy’s high-touch customer e-commerce service model and culture centered around a love of pets is the ideal complement to PetSmart’s store footprint and diverse offerings. Together, PetSmart and Chewy will provide the most convenient customer experience to a wider base of pet parents across every channel.”
According to a company press release, the acquisition accelerates the execution of PetSmart’s strategy and is a critical milestone in its transformational journey to be the most convenient, best-in-class pet retailer.
Chewy co-founder and CEO Ryan Cohen had this to say regarding the merger: “Since we started Chewy, we have been dedicated to understanding and satisfying the evolving needs of our customers to deliver the highest quality pet products and customer service. Combining our strong e-commerce expertise with PetSmart’s best-in-class infrastructure, footprint and breadth of offerings including services will help us ‘wow’ our customers even more.”