Cardone Ventures, the investment firm led by billionaire Grant Cardone and business partners Brandon and Natalie Dawson, has made an unsolicited, non-binding proposal to acquire PetMed Express (NASDAQ:PETS) for $4.25 per share in cash, implying an equity value of around $89 million.
The offer, submitted to PetMed’s Board of Directors, is not contingent on financing, showcasing Cardone Ventures’ confidence in its ability to execute the transaction.
In a statement, Cardone Ventures emphasized that the acquisition of PetMed Express aligns with its core strategy of acquiring and scaling businesses with strong brands and high growth potential.
The firm noted that PetMed’s established national pet pharmacy platform, strong customer base, efficient fulfillment infrastructure, and regulatory capabilities present significant opportunities for operational improvement and value creation under private ownership.
Cardone Ventures plans to leverage its expertise in acquisitions and leadership development to enhance PetMed’s performance, accelerate its growth trajectory, and unlock long-term shareholder value.