Private equity giant Blackstone is placing a multi billion dollar bet on the future of the pet business.
What’s happening:
- Blackstone has announced they will acquire Rover Brands (NASDAQ: ROVR) for $2.3B USD in an all cash deal
- Rover is the world’s largest marketplace for helping pet owners find local care for their animals
Going deeper:
- Private equity has recently been making moves into the pet business, with Wind Point Partners acquiring United Kingdom based pet food company Assisi Pet Care Group and Swedish private equity giant EQT purchasing veterinary drugmaker Dechra Pharmaceuticals
By the numbers:
- Blackstone’s acquisition will be done at $11.00 USD per share, representing a significant premium to Rover’s previous share price
- Since their launch, over 93M individual bookings have been facilitated by Rover
- 4M pet owners currently use Rover to find pet care for their animals
- 1M pet care providers have been paid for taking care of other people’s animals through Rover
