Today, L1 Health has announced that they are in an agreement to acquire “Destination Pet”, LLC that is a US pet healthcare contributor with an intention to spread it globally. Based in Highlands Ranch, Colorado, Destination Pet offers all pet services including medical, general health and wellness services. Some of their best-known facilities are a daycare for pets, pet grooming, and boarding.
On the other side, L1 Health or LetterOne is an international investment business headquartered from Luxembourg that was founded in 2013. It works on a strategy to build a new portfolio of major successful companies in the world that excel in their fields. This new profile building helps them to improve performance and help the business grow.
L1 has world-class CEOs, experienced investment teams and Advisory Boards to make it happen. Typically it buys and builds assets. Later on, they can develop it as a long-term sustainable business. All the investments take place through “L1 Energy”, “L1 Technology”, “L1 Health” and “L1 Retail”.
Just like human health, the pet health industry is a fast-growing and in-demand business. Here in pet’s community, trust is one thing that binds long term customers. Destination Pet is one of its kind facilities that respects and maintains the local culture and operates through teams of local veterinary services across the US. It currently operates in 14 states and has the highest position in renowned pet’s service provider.
The humanization of pets rate is drastically increasing among the working class. As it is difficult for the pet owners to manage pets related tasks along with a hectic schedule, trusted pet health & wellness services are high in demand.
Surprisingly, the global pet care market value is expected to hit $269bn by the year 2025. The U.S. pet care market is expected to grow at 3-5% annually and is estimated at $48bn. This is a huge sum of money and that is why L1 wants to be a global leader in the pet health & wellness sector.
A global platform having an experienced global management team, it will be able to create its impact in the healthcare sector. Ms. Meghan Fitzgerald, Managing Partner at L1 Health shares that the company is ready to put the company’s vision is an innovative animal healthcare model. It is estimated to grow and match the rising pet market-creating significant value for the business. “LetterOne” or “L1” has announced to commit up to $450 million of capital to acquire and scale “Destination Pet” she shares.
Shane Kelly is the Global CEO of “Destination Pet” who will retain his role and work with the Destination Pet’s executive team. This new plan would deliver superior pet care with the best customer experience, improving connectivity between pet owners and the pet industry.
This new investment would follow a targeted acquisition strategy, which in turn will help the company to expand its facilities and networking. It would be able to serve all existing and potential customers in an improved and perfected manner.