Pets West, a popular small animal and pet food store operated for 32 years by Lisa Nitkin, has a new owner.
United Raw Pet Foods Inc., a majority-owned subsidiary of Dane Creek Capital Corp., announced the acquisition on Wednesday.
Located in Broadmead Village, Pets West is one of the oldest and largest specialty pet retail stores on the island.
Nitkin will remain with Pets West until next year to help with the transition.
Dane Creek Capital said the purchase price is 0.45 times expected revenue for the current fiscal year ending Jan. 31. No other conditions were announced.
The addition of Pets West brings the number of United Raw-owned retail stores on the island to seven.
Earlier this year, Dane Creek and United Raw announced the acquisitions of Growlies Pet Foods in Langford, Wild Side Pet Boutique in Qualicum Beach and Nanaimo, Lucky Paws Enterprises in Mill Bay and Duncan, and A Pet’s Life Ventures in Victoria.
Pets West offers United Raw brands as well as traditional dry and canned pet food brands. Further expansion of Pets West’s frozen pet food section is planned over the next few months.
“We are very pleased to add Pets West to the United Raw family of outlets on Vancouver Island,” said Mark Warren, President and CEO of Dane Creek, in a statement. âLisa and her team not only created a premium shopping experience for pet owners, but also demonstrated an unwavering commitment to animal welfare and social responsibility. We fully intend to build on this heritage.
Nitkin said, âUnited Raw is the best partner to ensure that what my team and I have built at Pets West over the years will continue. “
Dane Creek is a privately held Canadian investment banking company dedicated to the pet industry. To date, the company has acquired or invested in 18 pet businesses in North America.
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