Petz to acquire Brazilian dog potty pads retailer Petix for $12.8m
Petz PETZ3.SA, a Brazilian pet retailer, has signed a stock and cash deal worth BRL70 million ($12.85 million) to acquire Petix, a manufacturer of dog potty pads.
Founded in 2007 in Brazil, Petix is the maker of WizSmart dog pads. The pet retailer, which is majority-owned by the Rogerio Haddad family, also sells dog diapers, cat litter, cosmetics, shampoo, and pet accessories.
As per a securities filing, Petz will issue 1.65 million of its new common shares to Petix’s shareholders to initially acquire a 51% stake. The remaining 49% stake in Petix will be acquired in the second stage for BRL24.86 million ($4.63 million).
Petz could also pay a further BRL10 million ($1.86 million) should Petix achieve certain performance milestones in 2023, 2024, and 2025.