Pet care marketplace Rover is set to be acquired by private equity firm Blackstone for $2.3 billion.
“We are excited for the next chapter in Rover’s story and look forward to working with the Blackstone team, who share our belief, excitement and strategic vision,” said Aaron Easterly, co-founder and CEO of Rover, in a press release. news Wednesday (Nov. 29).
Easterly added that the acquisition allows Rover to “continue to invest in our business in service of our mission to make it possible for everyone to experience the unconditional love of a pet in their life.”
Founded in 2011, Rover was launched to offer traveling pet parents an alternative to relying on family, friends or boarding facilities for pet care. Its offerings have grown to include services such as dog walking and doggie day care.
“We believe Rover has significant runway for growth as pet owners increasingly place a premium on high-quality care, flexibility and convenience,” said Tushar Gupta, a principal at Blackstone, in a news release.
The sale is expected to close in the first quarter of 2024, subject to approval by Rover stockholders and regulatory clearances, according to the release.
PYMNTS researched the market for high-quality pet care in a report last month, noting that “today’s pet parents have raised their expectations when it comes to caring for their furry companions. More beyond mere ownership, pets are now considered beloved members of the family, and as such, their care and well-being take center stage.
Elsewhere, PYMNTS reporting showed that 70% of pet owners consider their animals family members, and think their pet supply subscriptions are important.
This evolving landscape has driven a significant shift in demand for a more personalized experience when shopping for essential pet and grooming services.
To meet these needs, Woof Gang Bakery & Grooming CEO Ricardo Azevedo and CMO Diego Suarez embarked on a mission to offer pet parents an unforgettable experience while also ensuring that the eagerly anticipated pets their grooming sessions.
Speaking to PYMNTS in a recent interview, the two discussed the details of this concept and how they plan to expand it to different regions across the country.
“We all love our dogs dearly, and when it comes to the shopping experience and serving the community, there’s no way to survive in this industry if you don’t give it your best. I think that really frames everything we do at Woof Gang,” said Azevedo.
