M&A · Healthcare · Wholesale-Drugs, Proprietaries & Druggists' Sundries
Bansk Group to acquire PetIQ, Inc.
Announced Aug 7, 2024 · Closed Oct 25, 2024
Deal value$1.50BEV $1.50B
Premium51.0%To unaffected price
EV / Adj. EBITDA13.2x1.3x EV / Revenue
ConsiderationAll cash$31.00 per share
Transaction
- Acquirer
- Bansk Group
- Target
- PetIQ, Inc. (PETQ)
- Buyer type
- Strategic
- Offer price per share
- $31.00
- Enterprise value
- $1.50B
- Status
- Closed Oct 25, 2024
Deal protections
- Break fee (target pays)
- $34.6M · 2.3%
- Reverse fee (buyer pays)
- $69.2M · 4.6%
- Go-shop
- No-shop
- Financing
- Committed · Jefferies
Advisors
- To the acquirer
- Not disclosed
- To the target
- Jefferies
- Jefferies fee
- $24.0M
Sector context · Healthcare
- Comparable deals
- 104 in the prior 24 months
- Premium
- 51.0% vs. 64.5% sector median
- EV / Adj. EBITDA
- 13.2x vs. 17.3x sector median
- Break fee
- 2.3% vs. 3.5% sector median
Timeline
- AnnouncedAug 7, 2024
- Proxy filedSep 6, 2024
- Definitive proxySep 16, 2024
- Shareholder voteOct 22, 2024
- ClosedOct 25, 2024
Valuation · fairness opinions
Trading comparables$21.10$32.80
Trading comparables$22.85$35.90
Precedent transactions$21.55$44.25
Precedent transactions$25.75$36.90
Offer $31.00
Implied value per PetIQ, Inc. share by analysis, from Jefferies.