BUSINESS - World Class Innovator Moves Up in Animal Health

Valpy Moves to Apply Builder Skills to LifeLearn

Friday was the last day for Randy Valpy in the pet health insurance business. His 15 year career in pet insurance was capped with the development of the innovative Pet Plus Us brand for Royal Sun Alliance.

Pet Plus Us was recently sold to Pethealth, a Fairfax Company operating in the UK and across North America.

PPU colleagues say 'thanks'

At the Pet Plus Us farewell luncheon, Valpy was presented with a framed “Thank You” incorporating the remarks and best wishes of his colleagues.

Few people have achieved Valpy’s reputation as a builder of businesses and brands.

In addition to Pets Plus Us, he was responsible for building Canada’s first pet insurance brand, Pet Plan; Canada’s largest pet insurance brand, Petsecure; and, Canada’s first pet insurance underwriter, Securican.

These four brands were successful at meeting business goals and each was later acquired by other interests.

In addition to building brands and businesses, Valpy worked to create a more collaborative industry as a co-founder of the Summit for Urban Animals and co-founder of the North American Pet Health Industry Association (NAPHIA).

Lisa Milton congratulates Randy Valpy

In recognition of his achievements, Valpy was awarded the 2013 Summit for Individual Achievement by his peers in North America.

The award was sponsored by IAMS Canada to recognize an individual whose innovation, skills and achievements are respected by the entire companion animal industry.

On Monday, Valpy will move up in the animal health value chain to lead LifeLearn Inc.

This organization has an important role to play; equipping businesses to lead in the animal health industry as they meet the challenges of the digital environment and learn to succeed in a consumer driven economy.

Pethealth Expands UK Business with Acquisition of Berriewood

Pethealth, a FAIRFAX Company, announced the acquisition of Berriewood Pet Supplies on November 10th.

According to the press release, customers of the group will have access to more than 36,000 products and an enhanced delivery system. The Berriewood brand expands Pethealth into the Berriewood BARF diets which include raw and frozen food products.

Pethealth pet supply brands in the UK now include VioVet, VetMedsDirect and Berriewood.

Read the Release

Fairfax Moves to Acquire Pethealth Inc

Fairfax Financial Holdings Limited has moved to acquire all of the outstanding common and preferred shares of Pethealth Inc for 100 million in cash. The Fairfax announcement appeared after the Toronto Stock Exchange closed on Friday, afternoon.

Read the Fairfax release

The acquisition follows quickly on the heels of recent reports that Pethealth was available for sale. Based on recent valuations of the company it appears Fairfax has paid a premium to own these assets. 

Pethealth shares were listed at $2.21/share when the TSE closed on Friday. The Fairfax offer is pegged at $2.79/share, well above the $2.50 valuation recommended by Industrial Alliance Securities analyst, Fred Westra. 

Although the Fairfax transaction was reported in the media and on the Fairfax site, the reporting of the transaction is absent from the Pethealth site. In reporting the transaction, Fairfax, noted that Mark Warren, the founder of Pethealth, had voted against recommending acceptance of the offer.

Fairfax is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Prem Watsa the founder of Fairfax is likely remembered by most for a bid to acquire Blackberry, however, he is an investor that has often recognized value where others haven't. 

This Fairfax acquisition will bear watching as the deal completes during the 4th quarter and new Pethealth strategies become evident.