Petico said that the acquisition is part of its strategic growth plans to enter Singapore's lucrative pet food market and expand its regional footprint in Southeast Asia.
The company cited figures from Statista in its release on Monday. It said that according to Statista, "the pet food industry in Singapore was valued at US$130.90 million (S$177.45 million) in 2022 and is expected to grow by more than 5 per cent annually in the next five years".
"This strategic acquisition will allow us to fast track our Southeast Asia expansion plans. We will also expand our offering of high quality, nutritious pet food to Singapore pet owners, including some exciting new brands we are bringing to Southeast Asia," said David Choy, who co-founded Petco in 2019 along with Ashwin Kumar, Ben Fong and Esther Loo.
Petico currently has 12 stores across Malaysia. It also offers pet care services such as veterinary and grooming service.
The company acquired all of Perromart's assets, which includes its inventory, customer data, domain name, warehouse equipment and fittings, and IP rights for Perromart's inhouse brands in Singapore and Malaysia.
However, Petico's acquisition does not include Perromart's liabilites, such as bank loans and trade creditors. Perromart, a pet food company owned by 25 Holdings, became insolvent and was placed in receivership in March after eight years in business.
Choy said that as a "goodwill gesture", Petico has offered vouchers to Perromart customers affected by delivery fulfilment issues. The credit vouchers offer S$10 off orders of more than S$100.
He added that Petico is retaining the Perromart brand name for the foreseeable future and may consider opening a flagship store if the opportunity arises.