PetIQ announces plan to open 20 clinics in Walmart locations by the end of May.
Veterinary care in aisle 10. (Shutterstock.com)PetIQ, a pet health and wellness company, recently announced plans to open 20 VetIQ Petcare clinics in Walmart locations by the end of May, according to a company release.
This isn't the first partnership between the two companies, as Walmart has carried PetIQ's products for many years. The expanded alliance comes after PetIQ's acquisition of VIP Petcare at the beginning of this year and is part of PetIQ's plan to bring veterinary services to major retailers in order to gain a larger share of the veterinary products and services market-a market that is expected to reach $34 billion by 2021, as reported by research company Packaged Facts.
PetIQ says these first 20 clinics are only the beginning. The company plans to open more than 1,000 additional clinics in retail-partner locations through 2023-driving total net sales and adjusted EBITDA margin to more than $1 billion and 15 percent, respectively, the release states.
“We believe the combined company retail locations we serve represent a significant opportunity for us to grow our veterinary services offering,” says PetIQ's chairman and CEO Cord Christensen in the release. “This will enable us to further achieve our mission of providing access to convenient and affordable veterinarian care for all pet owners, including those who currently cannot afford the care they need. We are very excited to participate in this high-growth and high-potential veterinary services segment.”
The release doesn't offer specifics on where these 20 clinics will be located, but it does note that the first two should open before the end of March.