Chewy will be an independent subsidiary.
PHOENIX — PetSmart Inc. announced that it plans to acquire online pet retailer Chewy Inc.
Financial terms of the deal were not disclosed. The acquisition, which is subject to customary regulatory approvals, is expected to close by the end of PetSmart’s second fiscal quarter.
“PetSmart strives to be the trusted partner to pet parents and pets in every moment of their lives,” said Michael Massey, president and CEO of PetSmart. “We are focused on improving our customers’ experience in-store and online as we continue to execute against our long-term strategic initiatives. Chewy’s high-touch customer e-commerce service model and culture centered around a love of pets is the ideal complement to PetSmart’s store footprint and diverse offerings. Together, PetSmart and Chewy will provide the most convenient customer experience to a wider base of pet parents across every channel.”
Chewy is one of the leading online retailers of pet products and has seen rapid growth since it was founded by Ryan Cohen and Michael Day in 2011.
In a press release, the companies said Chewy’s position in the online pet retail segment complements PetSmart’s footprint in brick and mortar, with over 1,500 stores and 55,000 dedicated associates across North America.
“Since we started Chewy, we have been dedicated to understanding and satisfying the evolving needs of our customers to deliver the highest quality pet products and customer service,” said Ryan Cohen, co-founder and CEO of Chewy. “Combining our strong e-commerce expertise with PetSmart’s best-in-class infrastructure, footprint and breadth of offerings including services will help us ‘wow’ our customers even more.”
Upon closing, Chewy will continue to be led by CEO Cohen and operate largely as an independent subsidiary of PetSmart, focusing on its current business strategy, according to the release. PetSmart will continue to execute its strategic initiatives across the combined company.