Eagle-based PetIQ has been acquired by a national investment firm.
PetIQ announced the $1.5 billion agreement with New York-based Bansk Group on Wednesday in a news release. The Bansk Group obtained all outstanding shares of PetIQ’s stock for $31 a share, which PetIQ Vice President of Communications Kara Schafer called a “substantial premium” to PetIQ’s current share price.
“We believe this proposed transaction is a huge win for our customers and provides us with an incredible opportunity to continue to execute on our strategy of providing pet parents convenient access to affordable pet healthcare,” Schafer said in an email to the Idaho Press.
PetIQ is a local pet medication, health and wellness company founded in the Treasure Valley in 2010, going public in 2017 and employing thousands of people. The Bansk Group, based in New York City, is a private investment firm focused on building distinct consumer brands, according to its website .
According to PetIQ, the acquisition will not substantially affect its customers.