Petico acquires failed Perromart’s assets

(Source: Petico )

Malaysian pet food retailer Petico has acquired the assets of the insolvent pet food retail business Perromart for an undisclosed sum. 

The acquisition includes Perromart’s inventory, customer data, domain name, warehouse equipment and fittings, and IP rights in Singapore and Malaysia. It, however, does not include the Singaporean brand’s liabilities. 

Petico said the deal is part of its strategy to expand its regional footprint. The brand currently has 12 stores across its home market along with pet care services. 

“This strategic acquisition will allow us to fast-track our Southeast Asia expansion plans,” said Daniel Choy, co-founder of Petico. 

Perromart, previously owned by 25 Holdings, went insolvent and was placed in receivership in March. Before becoming insolvent, Perromart faced 14 complaints from its customers over order delays.

Choy also said the brand will expand its offerings in Singapore, including new brands to Southeast Asia. Petico will retain the Perromart brand name for “the foreseeable future” and open a flagship store if “the opportunity arises”. 

According to Statista, Singapore’s pet food industry was valued at US$130.9 million last year and is expected to grow by more than 5 per cent annually in the next five years. 

Further reading, Jebsen Group acquired Hong Kong pet care retailer Vetopia.

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