In the 2018 Deal Flow report, the largest single deal belongs to PetIQ of Eagle. The under-the-radar local company had the largest reported deal in the state, with $78 million raised through a public offering during the year.
The company employs more than 1,452 people according to the SEC. It generated more than $528 million in annual revenue during its most-recent public filing. Cord Christensen co-founded the business in 2010 and serves as CEO.
The company focuses on several verticals, including veterinarian services and “veterinarian-grade” pet products.
PetIQ provides products and services under a variety of brands, including Betsy Farms – a maker of American-made dog greats, Pet Lock – a flea and tick prevention product, and PetAction – an off-brand competitor to Frontline Plus for Dogs.
In addition to the $78-million raised and listing on the NASDAQ, made two acquisitions last year.
In January, it announced it would buy VIP Petcare, which operates veterinary clinics inside retailers. Locations are scattered from coast-to-coast, located in stores like Pet Food Express, Tractor Supply Co. and Pet Supermarket. It doesn’t currently have any locations in Idaho. PetIQ $100 million cash, $30 million in promissory notes and about $90 million in equity for VIP Petcare.
In October, it purchased HBH Enterprises for about $500,000 in cash and issuance of 400,000 in stock, as well as repayment of debt. HBH is a pet medication and wellness company.
Idaho Capital Connect 2019 & Idaho Deal Flow
- Annual report shows billions moving through Idaho’s economy
- Idaho’s Red Aspen looks to rip up ‘beauty playbook’ with new model
- Boise maker of menstrual care cups lands product in every Target store
- Fifty Flowers sees expansion, to add Boise Greenbelt shop
- Eagle’s PetIQ aims to be a top dog in pet health & wellness
- Tech, wood pellets, loyalty programs and more highlight Idaho’s deal pipeline
- American Ostrich Farms hopes to replace beef with birds
- Idaho companies buy and sell through mergers big and small