SINGAPORE — Petico has acquired the assets of Perromart, Singapore’s defunct pet food retailer, the Malaysian firm introduced on Monday (28 August).
Petico mentioned that the acquisition is a part of its strategic development plans to enter Singapore’s profitable pet meals market and develop its regional footprint in Southeast Asia.
The firm cited figures from Statista in its launch on Monday. It mentioned that based on Statista, “the pet meals business in Singapore was valued at US$130.90 million (S$177.45 million) in 2022 and is predicted to develop by greater than 5 per cent yearly within the subsequent 5 years”.
“This strategic acquisition will permit us to quick observe our Southeast Asia growth plans. We will even develop our providing of top quality, nutritious pet meals to Singapore pet house owners, together with some thrilling new manufacturers we’re bringing to Southeast Asia,” mentioned David Choy, who co-founded Petco in 2019 together with Ashwin Kumar, Ben Fong and Esther Loo.
Petico at present has 12 shops throughout Malaysia. It additionally provides pet care providers equivalent to veterinary and grooming service.
The firm acquired all of Perromart’s property, which incorporates its stock, buyer information, area title, warehouse tools and fittings, and IP rights for Perromart’s inhouse manufacturers in Singapore and Malaysia.
However, Petico’s acquisition doesn’t embrace Perromart’s liabilites, equivalent to financial institution loans and commerce collectors. Perromart, a pet meals firm owned by 25 Holdings, grew to become bancrupt and was positioned in receivership in March after eight years in business.
Choy mentioned that as a “goodwill gesture”, Petico has supplied vouchers to Perromart prospects affected by supply fulfilment points. The credit score vouchers provide S$10 off orders of greater than S$100.
He added that Petico is retaining the Perromart model title for the foreseeable future and will contemplate opening a flagship retailer if the chance arises.
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