Zoetis Inc. has entered into an agreement to acquire Platinum Performance, a privately held, nutrition-focused animal health company.
The Buellton, California-based company’s announcement of the sale on Monday morning stated Platinum’s premium nutritional product formulas and unique approach to the field of scientific wellness for horses, dogs and cats will further strengthen and diversify Zoetis’ portfolio in the equine and petcare markets. Financial terms of the transaction were not disclosed.
Platinum’s flagship equine products include Platinum Performance® Equine, a comprehensive wellness and performance formula, and Platinum Performance® CJ, which delivers wellness and performance with the addition of joint support ingredients. It also has petcare products focused on wellness and joint support for dogs and cats.
With the acquisition of Platinum’s premium quality, nutritional formulas, Zoetis said it is entering this space for horses and building on the company’s existing nutritional portfolio for dogs and cats.
“Zoetis is excited to acquire Platinum Performance and add its high-quality, nutritional products and expertise to our diverse portfolio and team,” said Kristin Peck, Executive Vice President and Group President, U.S. Operations, Business Development and Strategy for Zoetis. “Platinum has become highly regarded in the equine community over the last 20 years for its sophisticated veterinarian-led product development; its commitment to science-backed formulations and research; and its use of high-quality ingredients in manufacturing.”
Platinum Performance was established in 1996 by Dr. Doug Herthel, DVM, and his son Mark Herthel, who will continue to lead the new Zoetis business unit as President of Platinum Performance.
The transaction is subject to customary closing conditions, including regulatory and anti-trust approvals. Zoetis expects to complete the acquisition in the third quarter. The company does not expect the transaction to have a material financial impact to its guidance for full-year 2019.
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