(Press Release) Petlove (the “Company”), which this month celebrates 21 years as the largest online pet retail brand in Brazil, today announced that it has received a significant strategic investment from the Latin America fund of L Catterton, the largest and most global consumer-focused private equity firm. With extensive experience investing in the pet and e-commerce categories across the world, L Catterton will partner with the Company’s Founder and Chief Executive Officer, Marcio Waldman, and fellow investors, SoftBank, Tarpon, and Monashees to accelerate Petlove’s growth and expansion and help drive the Company’s strategic initiatives. Terms of the transaction were not disclosed.
This partnership will strengthen Petlove’s transformation and accelerate the Company’s technological advancement to drive offline to online consumption across Brazil. To further broaden its offerings to pet owners and to enable independent veterinarians and pet shop owners to transition to digital, Petlove has fast-tracked its partnership with Vet Smart, a digital content provider and services platform targeting Brazilian veterinarians.
“In a time when people are spending more time online, Petlove has achieved significant momentum in new subscriptions and new customers, and this announcement marks an important step in the Company’s growth trajectory,” said Mr. Waldman. “Now more than ever, customers are relying on e-commerce platforms for the products they need to feed, care for, and entertain their pets and Petlove is well positioned to continue to be a leader in the space. As we continue our expansion with the support of L Catterton and our other investors, we are focused on offering unique, value-added and increasingly omni-channel experiences for all our customers.”
“We are pleased to welcome L Catterton, and believe their investment is a testament to the hard work of the entire Petlove team, especially during this time of heightened uncertainty,” said Pedro Faria, Petlove’s Chairman. “With extensive experience across the pet category, a successful track record of building leading e-commerce businesses, and a deep understanding of the Latin American consumer, L Catterton is a strong partner and will help us fuel Petlove’s continued growth.”
“With an innovative digital platform and the broadest product assortment among peers, Petlove offers customers an efficient and convenient alternative to in-store shopping, and customer adoption has continued to accelerate as even more shoppers migrate online,” said Scott Dahnke, Global co-CEO of L Catterton. “Leveraging L Catterton’s deep industry expertise and digital know-how, we are delighted to work with the Petlove team to build on the Company’s impressive momentum and capitalize on the many opportunities ahead.”
“Petlove has established itself as both the market leader in providing pet products digitally, while serving as an unrivaled resource for a growing population of pet owners in Brazil,” said Farah Khan, Partner, L Catterton Latin America. “We look forward to partnering with Marcio and his team to grow Petlove’s customer base, enhance its marketing and branding initiatives, and expand its product and service offerings to create a one-of-a-kind digital pet retail platform for customers across Latin America.”
L Catterton’s current and historic investments in the pet category include Ainsworth Pet Nutrition, Inspired Pet Nutrition, JustFoodForDogs, Lily’s Kitchen, Nature’s Variety, PetVet Care Centers, and Wellness Pet Food. Other L Catterton Latin America investments include Bodytech (Colombia), Cholula, Espaçolaser, Laboratorio FEMME, Grupo MYT, Grupo St. Marche, Luigi Bosca, Susana Balbo Wines, OdontoCompany, and Rapsodia.
Founded by veterinarian Marcio Waldman, Petlove is the largest online petshop in Brazil. With a portfolio of more than 15,000 pet products, including its own and exclusive brands, the Company offers a complete pet retail platform. Petlove has a subscription service for pet products that, among other benefits, offers a 10% discount on all products, online service with veterinarians and deliveries across Brazil. The Company also acts as a technology provider for the Brazilian pet market, with more than 2,000 partners, including doctors, veterinary clinics, hospitals, and petshops. With technologies such as the Pet Profile, Petlove fulfills its mission of making its customers’ lives more convenient by bringing together in one place specialists, products, and tips to take care of what really matters: the happiness of pets.
About L Catterton
With approximately $20 billion of equity capital across seven fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world. L Catterton’s team of nearly 200 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH, and Groupe Arnault. For more information about L Catterton, please visit www.lcatterton.com.