Malaysian pet food retailer, Petico, is venturing into Singapore’s pet food market by acquiring assets from Perromart, a Singaporean pet food retailer. This move is part of Petico’s expansion plans across Southeast Asia.
Founded in 2019 by Daniel Choy, Ashwin Kumar, Ben Fong, and Esther Loo, Petico has a background in Pet World, a major Malaysian pet food manufacturer known for brands like ProDiet and ProBalance. Private equity firm Creador recently acquired a 40% stake in Pet World.
“My business partners and I are doting pet owners, and we are committed to ensuring that our furry friends stay healthy and well-nourished with wholesome food that do not contain excessive chemicals and high amounts of fillers like wheat, corn and soy,” Choy explained.
Leveraging their expertise in pet food, Petico aims to meet the growing demand for premium pet products in Malaysia. The Singaporean pet food market, valued at $130.90 million in 2022 and expected to grow over 5% annually, presents a promising opportunity.
The acquisition includes Perromart’s assets such as inventory, customer data, domain name, and intellectual property rights for its in-house brands. However, Petico will not inherit Perromart’s liabilities, like bank loans.
“We are truly delighted to be able to acquire some of the assets of Perromart, which has strong brand equity despite being in the business for only eight years,” Choy said. “This strategic acquisition will allow us to fast track our Southeast Asia expansion plans. We will also expand our offering of high quality, nutritious pet food to Singapore pet owners, including some exciting new brands we are bringing to Southeast Asia.”
Petico plans to retain the Perromart branding and may open a flagship store. Currently operating 12 stores in Malaysia, Petico has ambitions for further expansion in omnichannel retail.