In case you were on vacation last week and/or not reading the news, the largest e-commerce buyout in history to date was announced...
And drum roll please ... It's for a pet company!
According to various sources, under-the-radar startup Chewy.com will be purchased by retail behemoth PetSmart to the tune of 3.35 billion, just five years after the company was founded.
Accelerated growth plan much??? That might even be an understatement...
And it wasn't much more than two years ago that PetSmart was bought by investors at BC Partners for 8.7 billion, making it safe to say that A) the team over at PetSmart hasn't been sleeping that much in recent years and B) people, especially savvy business folk, believe in the great opportunity and promise within today's pet industry...
Meanwhile, Florida based Chewy.com has also been taking care of business, quietly dominating the internet retail space for pet food and products since their entrance into the market 5 years ago. The company raised almost a quarter billion dollars and registered about 900 million in revenue last year.
They certainly haven't bit off more than they can chew. In fact, it sounds like they're still pretty hungry...
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Apr 25, 2017