Combined company will extend both businesses’ in-store and online capabilities.
PetSmart has entered into an agreement to acquire the online pet retailer Chewy.
The acquisition will aim to enhance both companies’ capabilities and reach, both in-store and online, as well as further accelerate the execution of PetSmart’s strategy.
“PetSmart strives to be the trusted partner to pet parents and pets in every moment of their lives,” says Michael Massey, president and chief executive officer, PetSmart. “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.”
Furthermore, Chewy will continue to be led by its chief executive officer Ryan Cohen and will operate largely as an independent subsidiary of PetSmart. Meanwhile, PetSmart will continue to execute its strategic initiatives across the combined company.
“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,” says Cohen. “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.”
The acquisition, which is subject to customary regulatory approvals, is expected to close by the end of the retailer’s second fiscal quarter of 2017.