PetIQ, Inc. Closes Acquisition of Capstar® Portfolio of Products
August 03 2020 - 10:18AM
PetIQ, Inc. (“PetIQ” or the “Company”) (Nasdaq: PETQ), a leading
pet medication and wellness company today announced the closing of
the acquisition of the Capstar® portfolio of products, effective
July 31, 2020. Capstar® is the #1 oral over-the-counter
(“OTC”) flea treatment product in the United States.
“We are excited to complete this transaction and
believe Capstar’s® highly profitable product offering fits
perfectly with PetIQ’s product offerings. This further
advances our leadership position in helping pet parents find
affordable animal health products for their pets,” stated Cord
Christensen, PetIQ’s Chairman and CEO. “In a dynamic
operating environment, we are very pleased that Capstar® has
generated strong results year to date, increasing our confidence in
its accretive growth opportunities and long-term value
creation.”
The Capstar portfolio is comprised of seven
SKUs, including three private label SKUs which are sold under the
Capaction® brand. Capstar® is an oral tablet for the
treatment of flea infestations on dogs, puppies, cats and kittens
and is currently the best-selling oral OTC flea treatment product
in the United States. Additionally, Capstar® is the only oral
OTC product for cats in the market today.
About PetIQ
PetIQ is a leading pet medication and wellness
company delivering a smarter way for pet parents to help their pets
live their best lives through convenient access to affordable
veterinary products and services. The company engages with
customers through more than 60,000 points of distribution across
retail and e-commerce channels with its branded distributed
medications, which is further supported by its own world-class
medications manufacturing facility in Omaha, Nebraska. The
company’s national service platform, VIP Petcare, operates in over
3,400 retail partner locations in 41 states providing cost
effective and convenient veterinary wellness services. PetIQ
believes that pets are an important part of the family and deserve
the best products and care we can give them. For more
information, visit www.PetIQ.com.
Forward Looking Statements
This press release contains forward-looking
statements that involve risks and uncertainties, such as statements
about our plans, objectives, expectations, assumptions or future
events. In some cases, you can identify forward-looking statements
by terminology such as "anticipate," "estimate," "plan," "project,"
"continuing," "ongoing," "expect," "believe," "intend," "may,"
"will," "should," "could" and similar expressions.
Forward-looking statements involve estimates, assumptions, known
and unknown risks, uncertainties and other factors that could cause
actual results to differ materially from any future results,
performances, or achievements expressed or implied by the
forward-looking statements. Forward-looking statements should not
be read as a guarantee of future performance or results, and will
not necessarily be accurate indications of the times at, or by,
which such performance or results will be achieved. Forward-looking
statements are based on information available at the time those
statements are made or management's good faith belief as of that
time with respect to future events, and are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed in or suggested by the
forward-looking statements. Important factors that could cause such
differences include, but are not limited to, the impact of COVID-19
on our business and the global economy; our ability to successfully
grow our business through acquisitions; our dependency on a limited
number of customers; our ability to implement our growth strategy
effectively; disruptions in our manufacturing and distribution
chains; competition from veterinarians and others in our industry;
reputational damage to our brands; economic trends and spending on
pets; the effectiveness of our marketing and trade promotion
programs; recalls or withdrawals of our products or product
liability claims; our ability to manage our manufacturing and
supply chain effectively; disruptions in our manufacturing and
distribution chains; our ability to introduce new products and
improve existing products; our failure to protect our intellectual
property; costs associated with governmental regulation; our
ability to keep and retain key employees; our ability to sustain
profitability; and the risks set forth under the “Risk Factors” of
our Annual Report on Form 10-K for the year ended December 31,
2019, our Quarterly Report on Form 10-Q for the quarter ended March
31, 2020 and other reports filed from time to time with
the Securities and Exchange Commission.
Additional risks and uncertainties not currently
known to us or that we currently deem to be immaterial also may
materially adversely affect our business, financial condition or
operating results. The forward-looking statements speak only
as of the date on which they are made, and, except as required by
law, we undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which the statement is made or to reflect the occurrence of
unanticipated events. In addition, we cannot assess the impact of
each factor on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
Consequently, you should not place undue reliance on
forward-looking statements.
CONTACT:
Investor Relations Contact: |
Media Relations Contact: |
ICRJeff Sonnek646-277-1263
jeff.sonnek@icrinc.com |
ICRCory
Ziskind646-277-1232cory.ziskind@icrinc.com |
PetIQ (NASDAQ:PETQ)
Historical Stock Chart
From Mar 2024 to Apr 2024
PetIQ (NASDAQ:PETQ)
Historical Stock Chart
From Apr 2023 to Apr 2024