Weekly Companion Animal News: August 12, 2024

PetIQ to go private

Private equity firm Bansk Group will acquire pet health company PetIQ for about $1.5 billion in cash. The deal gives the consumer health-focused private equity firm access to PetIQ’s products including over-the-counter medications, diagnostic tests and grooming services. Upon completion of the deal, PetIQ will be privately held and continue to be operated independently.

Key findings from the American Pet Products Association’s newly released “2024 Dog and Cat Report” include: The use of calming products has grown by 168% for dogs and 174% for cats since 2018; there is an upward trend of veterinarian-diagnosed dog and cat obesity and prescribed weight-loss diets; and vitamin and supplement use has grown by nearly 50% for dogs and 60% for cats since 2018.

Housing needs forcing owners to give up pets

Housing policies may be becoming more pet inclusive, but housing insecurity is getting worse, finds a new study by the University of Florida that examined the housing issues that led owners to turn their pets over to an animal shelter. According to the study, which appears in the journal Frontiers in Veterinary Medicine, housing issues represent 14% of intakes to animal shelters.

Proposed merger would create network of 730 practices

Southfield, Michigan-based Mission Veterinary Partners and Birmingham, Alabama-based Southern Veterinary Partners are planning a merger that would result in a network of more than 730 practices. The private equity firm Shore Capital Partners is a major investor in both.

The CATalyst Council has released the CATalyst Report – State of the Cat: Wellness and Nutrition 2024, based on surveys conducted with more than 400 veterinarians and 1,900 pet cat owners across the United States. Critical takeaways include: 35% of cat owners previously had very little or no experience owning a cat and >70% of cats visited a veterinarian within the first year of ownership; thereafter >33% did not visit the veterinarian in 3 or more years.

The Petnow app from South Korea-based Petnow, recently launched in Australia and New Zealand, uses pet biometrics to help reunite lost dogs and cats with their owners. The app uses cellphones to scan and recognize the unique nose prints of dogs and the facial features of cats and allows users to send alerts to neighbors when a registered pet goes missing.

Owners of lost pets in the Seattle area are being targeted by scammers, city officials say. The fraudsters are posing as employees of the Seattle Animal Shelter and other animal welfare groups, asking for payment for emergency medical services they claim pets need. However, the Seattle Animal Shelter, which is run by the city, doesn’t require people to pay for their pet’s medical care in advance.

Americans splurge on their pets despite inflation

As pet owners look for ways to cut back on their spending, there’s one part of their budget many refuse to compromise on: care for their pets. But the rising cost of pet care hasn’t made that easy.

Elizabeth Warren targets firm buying veterinary practices

As Americans welcomed more pets into their homes throughout the Covid-19 pandemic, pet medical costs surged – largely due to private equity firms rapidly acquiring veterinary practices, according to Fortune. In fact, JAB Holding Company has been ordered twice by the FTC to divest its clinics in certain areas. Now Senator Elizabeth Warren is applying pressure on JAB.