Clearwater has advised Petmeds.co.uk, a leading provider of pet medicines and veterinary food, on its acquisition by MedicAnimal Ltd, the animal health online retailer backed by Iris Capital and Balderton Capital.
The acquisition of Petmeds, which is one of the UK’s top online retailers for animal medicines, pet grooming and pet suppliers, will make MedicAnimal a European market leader.
Set up by entrepreneur Ricky Thomas to address the rising costs of pet healthcare, Petmeds was originally started from the back of a veterinary practice.
As of the end of March 2012 the business generated sales of £10m. As part of the deal, Thomas and the Petmeds team will be joining MedicAnimal to form a joint entity.
This forms part of MedicAnimal animal’s on-going strategy to operate ‘best in class’ websites across the pet sector and was funded in part by their Series C investment made earlier this year made by Balderton Capital and Iris Capital.
Gareth Iley, partner and head of consumer at Clearwater, said: “Ricky Thomas is the archetypal entrepreneur that had a great idea after seeing a gap in the market and risked everything to achieve his vision. Ricky has been able to grow PetsMeds.co.uk into a formidable e-commerce business, so it was essential that we helped him to find the right buyer at the right price to take the business forward.”
Ricky Thomas, CEO of Petmeds.co.uk, also commented: “We immediately recognised that MedicAnimal was the right partner for the next stage of Petmeds’ growth. MedicAnimal already has industry-leading fulfilment system, a number of other pet care websites and a database in excess of 500,000 making it the largest online pet health retailer in Europe. Together we aim to create a convenient and affordable service to our customers, whilst promoting and protecting pet health.”
Commenting on the deal, co-founder of MedicAnimal, Ivan Retzignac, said: “This acquisition will cement MedicAnimal’s place as the UK leader in pet supplies and help us expand our business in Europe where the owners of nearly 200 million pets spend €25 billion annually.”