Eagle-based pet health company sells to New York firm

In a deal worth $1.5 billion, an Eagle -based company has sold to a New York-based private investment firm.

Announced on Aug. 7, PetIQ entered into a definitive agreement with Bansk Group, which will take the publicly traded company to a privately held status once the deal is complete, which is expected in the fourth quarter of 2024.

PetIQ was founded in 2010 by Cord Christensen, who has served as the company’s CEO ever since. The company is a pet medication, health and wellness service, employing more than 3,500 people throughout operations in several states.

According to a release, Bansk will acquire all of the outstanding shares of PetIQ’s common stock at $31 per share, which the Eagle company’s board of directors approved.

“After a comprehensive assessment of the offer with the assistance of our outside advisors, the board has determined that this transaction represents an attractive outcome for PetIQ and our stakeholders,” Christensen said in a statement. “Our growth and success over the last 14 years is a testament to our emphasis on long-term strategic decision making, while operating our business in the interest of all stakeholders.”

The deal still requires the approval of PetIQ stockholders.

A relatively new firm, Bansk was founded in 2019 and focuses on investing in and building “distinctive” consumer brands in the beauty and personal care, consumer health, food and beverage and household products industries.

Chris Kelly, a senior partner at Bansk, expressed enthusiasm over the acquisition.

“Cord and the entire PetIQ team have done a fantastic job of developing a comprehensive pet health and wellness platform that offers effective and accessible solutions for pet owners,” Kelly said. “We are thrilled to partner with the PetIQ team and look forward to leveraging our expertise in building distinct, trusted consumer brands to support the company’s continued success.”

Christensen said the sale would allow the company to continue to grow.

“This transaction provides us with an incredible opportunity to continue to execute on our strategy of providing pet parents convenient access to affordable pet health care while accelerating many longer-term growth initiatives,” Christensen said.

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