Foster and Smith sale: “….long-term plan is for operations to remain in Rhinelander”
The anticipated announcement of the sale of Drs. Foster and Smith online pet products company came this week. National pet specialty retailer Petco reported that it intends to acquire the Rhinelander company by early next year.
Drs. Foster and Smith Internet Marketing and Media Manager Gordon Magee said it’s good news for the employees and the community.
“It’s business as usual for us at Foster and Smith,” Magee said. “The long term plan is for everything in Rhinelander to stay here. Management is still in place and Marty (Smith) and Race (Foster) will continue to be associated with the company.” The Drs. Foster and Smith name and brands will also continue into the future.
Employees met with the owners Wednesday and Thursday, and viewed a welcome video from management at Petco. Magee said he feels there is a positive feeling among the staff to be joining the company.“I think the employees are excited at the opportunities this presents,” he continued. “Petco employs more than 26,000 people, and our 500 or so employees are looking forward to strengthening our place in the business.”
Magee said owners Race Foster and Marty Smith knew that to expand into the future, they would need to find the right buyer.
“At our founding, our intent with Drs. Foster and Smith was to provide pet owners with veterinary advice and quality pet supplies at affordable prices,” said Race Foster, DVM, and Co-Founder of Drs. Foster and Smith. “We believe Petco shares those same values, and we look forward to building on our original mission.”
According to a Petco press release, the acquisition will complement Petco’s existing capabilities in pet health to include prescription services, including prescription diets, preventive care and a broad base of products created by licensed veterinarians.“This move 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,” said Jim Myers, Petco CEO. “As pet lovers first and foremost, our values are perfectly aligned with Drs. Foster and Smith, and we’re confident this new addition to our business will help us continue to offer the very best in products and services to pets and pet parents.”
According to thestreet.com, Petco Animal Supplies Inc., is backed by backed by private equity firms Leonard Green & Partners LP and TPG Capital LP.