Petco to purchase Thrive’s stake in joint venture
Petco Health and Wellness Inc. and Thrive Pet Healthcare have agreed to Petco’s purchase of Thrive Pet Healthcare's 50% stake in the companies’ pet hospital joint venture. The venture currently operates nearly 100 veterinary hospitals in Petco pet care centers in 14 states under the Thrive brand.
Petco and Thrive Pet Healthcare formed the joint venture in May 2017 to meet all pet needs under one roof by launching full-service veterinary hospitals in Petco pet care centers.
As part of the transaction, Petco will offer over 800 veterinary professionals the opportunity to join its network of more than 27,000 Petco employees. Additionally, Petco will transition the nearly 100 Thrive locations to its Vetco Total Care hospital branding, offering a consolidated brand experience to customers of full-service veterinary hospitals across the Petco network of pet care centers.
The transaction is expected to close by June 30, subject to closing conditions.