The deadly and rapidly spreading COVID-19 outbreak has been wreaking havoc on companies around the world. Nevertheless, some companies — including online pet product retailer Chewy have emerged as winners amid the chaos.
“While 2019 closed on a high note, and 2020 got off to a strong start, the world changed dramatically with the coronavirus outbreak,” CEO Sumit Singh said in the company’s earnings statement.
Could Amazon’s purchase of PillPack presage an expansion into pet medications?
Nearly two decades later, the U.S. pet industry has yet to top Nestlé’s $10.4 billion acquisition of Ralston Purina. But the past few years of the twenty-teens saw five billion-dollar-plus acquisitions that together totaled almost $30 billion:
• In January 2017, Mars acquired leading U.S. veterinary hospital operator VCA for approximately $9.1 billion.
• In April 2017, PetSmart purchased Chewy.com for $3.3 billion.
• In February 2018, General Mills paid $8 billion for Blue Buffalo.
• In April 2018, J.M. Smucker shelled out $1.9 billion for Ainsworth/Rachael Ray.
• In August 2019, Elanco purchased Bayer’s Animal Health business unit for $7.6 billion.
