Bansk Group, a consumer-focused private equity firm focused one consumer brands, has agreed to buy PetIQ Inc. (Nasdaq: PETQ), a pet medication, health and wellness company, in an all-cash transaction valued at approximately $1.5 billion.
The company’s product business engages with pet parents through retail and e-commerce sales channels with its branded and distributed pet medications as well as health and wellness items. PetIQ manufactures and distributes pet products from its facilities in Omaha, Neb., Springville, Utah and Daytona Beach, Fla.
“We look forward to working with the talented PetIQ team to support their strong momentum, including through investments in enhanced capabilities and offerings as well as through strategic acquisitions,” states Bart Becht, senior partner and chairman of Bansk Group.
Jefferies LLC is serving as financial advisor and Cooley LLP is serving as legal counsel to PetIQ. Davis Polk & Wardwell LLP is serving as legal counsel to Bansk Group.