Perrigo Company announced 13 September 2012 ,that it has signed a definitive agreement to acquire substantially all of the assets of Sergeant's Pet Care Products, Inc. (Sergeant's), a privately-held, Omaha, Nebraska-based manufacturer of over-the-counter (OTC) companion animal healthcare products, for approximately $285 million in cash.
"This acquisition allows us to penetrate the pet care category by offering numerous flea and tick, health and well-being and consumable products to pet owners at affordable prices," said Perrigo Chairman and CEO Joseph C. Papa.
"Sergeant's has a proven record of innovation, high quality manufacturing with great customer service. We welcome Sergeant's two hundred-plus employees and over one thousand SKU's to the Perrigo family. We are excited to bring quality and value to consumers and their extended families."
Indeed, recent market trends have shown an increase in companies dedicated to providing healthcare to the companion animal sector as pets make the shift from back yard animals to bedside family members. This move by Perrigo is the first step in executing a strategy to expand its Consumer Healthcare portfolio into pet care, an adjacency of interest to its retail customers.
"We are very impressed with Sergeant's strategic direction, growth and product offerings since its founding in 1868," said Papa.
"The team has built a company focused on bringing high quality, affordable pet care products quickly to market and the barriers to entry in this category are high. This strategic acquisition will expand our existing Consumer Healthcare business and add tremendous value for our shareholders for years to come."
