Petco announced Wednesday that they have entered into an agreement to acquire Drs. Foster & Smith. The acquisition, is expected to be completed by early 2015 and is subject to customary closing conditions, including regulatory approvals. The terms of the deal are not be disclosed at this time.
Drs. Foster & Smith was founded in 1983 as a group of veterinary clinics. Dr. Race Foster, Dr. Rory Foster and Dr. Marty Smith’s animal hospitals in northern Wisconsin were the first in the nation to offer free rabies vaccinations and free spay/neutering services.
Drs. Foster and Smith also operates LiveAquaria. One of the best and well known online vendors of marine fish, corals and invertebrates. With LiveAquaria known for their quality of service many saltwater aquarium hobbyist are concerned about the future of the company.
Petco’s CEO, said in a prepared statement that the acquisition “underscores our commitment to nurturing the complete health and well-being of animals and further allows Petco to meet the diverse and expansive needs of pet parents.”
He also went on to say, “It’s business as usual for both of us … for the time being.” and “The reality for us is that we don’t foresee workforce reductions.”
I truly hope this is the case. I love LiveAquaria and have been a costumer of theirs for sometime now.
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