Swedencare completes the acquisition of Innovet, that alleges to be one of the leading companies in Italian pet sector.
Innovet, founded in 1996 and mainly presenting itself online and internationally, is focused on therapy like joint, dermatology and alleviation of pain.
The buy price is €50 million ($54.3M), whereof Swedencare has to pay €42,5 million ($46.2M) in cash and an issue-in-kind of shares amounting to €7.5 million ($8.1M).
According to CEO and co-founder Renato della Valle, this operation “will open many international market opportunities to our innovative science-based products.”
“Innovet and Swedencare share the same philosophy – pets deserve proven products with the highest quality for their wellbeing. We also share the ambition to grow with high profitability, something that is a guarantor for continued improvement in all we do.”
While the holding Epinn Srl will join as shareholder in Swedencare, Della Valle shall still keep on guiding the project.