Petsense Acquired by Tractor Supply
Tractor Supply Company has acquired the 136-store Petsense chain for approximately $116 million.
Now a subsidiary of Tractor Supply Company, Petsense—which has stores in 25 states—will retain its senior management team and will operate from its headquarters in Scottsdale, Ariz. Tractor Supply reported that it plans to grow the number of Petsense stores at a rate of 15 to 20 percent annually and will convert its two existing HomeTown Pet stores to Petsense stores.
"We are excited about the addition of Petsense to the Tractor Supply family as we develop our pet specialty retail business," said Greg Sandfort, Tractor Supply Company's CEO. "The pet industry represents a $60-billion market driven by favorable pet ownership trends and the continued humanization of pets by their owners. We believe the pet specialty industry is an attractive expansion opportunity and, with 136 stores across 25 states, we think Petsense is an excellent complement to our Tractor Supply retail operations.
"With Tractor Supply's success in the pet category and the knowledge gained from our HomeTown Pet stores, we determined that the acquisition of an established, successful concept with a proven track record of growth would be the best way to capitalize on the opportunities in the pet market. We believe the Petsense team's expertise in growing smaller format pet specialty stores combined with our proven expertise in the category as well as site selection and store growth, will enable us to accelerate the growth of our pet specialty retail business and enhance long-term shareholder value."
According to Bob Angstead, president and CEO of Petsense, "As we looked at the future for Petsense, we recognized Tractor Supply Company as a natural fit to continue our growth. The Tractor Supply team has a strong culture, and we share many of the same values, as well as an appreciation of the opportunities presented by smaller towns and communities. Additionally, the Tractor Supply team has the experience and resources to help expand Petsense to the many untapped markets across the country."