Zoetis Inc. (NYSE: ZTS) today announced it has entered into an
agreement to acquire Platinum Performance, a privately held,
nutrition-focused animal health company. 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 are not being
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. Its petcare products include Platinum
Performance® formulations that focus on wellness and joint
support for dogs and cats.
With the acquisition of Platinum’s premium quality, nutritional
formulas, Zoetis is entering this space for horses and building on
the company’s existing nutritional portfolio for dogs and cats. The
expansion in nutritionals aligns well with Zoetis’ increasing focus
on health and wellness as part of the continuum of animal care,
which spans from prediction and prevention to detection and
treatment of disease. The addition of Zoetis’ resources and
capabilities to those of Platinum Performance is expected to
increase the number and impact of research trials, enhance
nutrition education, and strengthen its ability to serve clients.
Platinum Performance will operate as a wholly owned subsidiary of
Zoetis, and continue doing business from its Buellton, Calif.,
headquarters.
Strengthening Its Equine Portfolio for Growth
“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.”
“With this acquisition, Zoetis gains an innovative leader and
premium brand in the market for nutritionals and wellness solutions
that cater to horses, dogs and cats. We believe Zoetis will be able
to expand the Platinum equine business through our U.S. field
force, accelerate the growth of its petcare product formulas with
veterinarians and pet owners through our digital marketing
capabilities, and evaluate international expansion opportunities
over the long term,” said Peck.
Premium Products for Wellness and Prevention
The family-owned business 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 company has become well-respected over the years for its high
levels of client service and satisfaction among equine
veterinarians and horse owners. Based in Buellton, Calif., with 80
employees, Platinum sells directly to veterinarians and horse
owners through a sophisticated e-commerce model and an experienced
team of nutritional consultants and advisors.
“Zoetis and Platinum share similar values and strengths when it
comes to client service, innovative research, and high-quality
manufacturing and dedication to the veterinary profession,” said
Platinum Performance’s President Mark Herthel. “With our
exceptional brand and proven product formulas placed in Zoetis’
commercial model, we should be able to increase the company’s scale
with additional global access to veterinarians and pet owners,
allowing us to continue to fulfill our family’s vision for the
field of scientific wellness in animal care. Zoetis and Platinum
are a terrific match, and we are thrilled to be connected to a
company with the same mindset.”
“When Platinum Performance began in our family-owned equine
veterinary clinic 23 years ago, my father and I knew that nutrition
and wellness support belonged in the hands of equine veterinarians.
With more than two decades of clinical experience and dozens of
research trials conducted, we remain committed to the application
of nutrient-based formulas in veterinary medicine,” said
Herthel.
Today, Zoetis provides a range of equine products, including
vaccines, dewormers and sedatives and analgesics that both
veterinarians and horse owners know and trust for helping horses
live longer, healthier lives. Equine products generated sales of
$168 million for Zoetis in 2018, or approximately 3% of total
annual revenue for the company; equine products for Zoetis grew 10%
operationally in 2018. Zoetis also sells several dietary
supplements for dogs and cats that include vitamins and minerals to
complete a pet’s nutrition.
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.
About Zoetis
Zoetis is the leading animal health company, dedicated to
supporting its customers and their businesses. Building on more
than 65 years of experience in animal health, Zoetis discovers,
develops, manufactures and commercializes medicines, vaccines and
diagnostic products, which are complemented by biodevices, genetic
tests and a range of services. Zoetis serves veterinarians,
livestock producers and people who raise and care for farm and
companion animals with sales of its products in more than 100
countries. In 2018, the company generated annual revenue of $5.8
billion with approximately 10,000 employees. For more information,
visit www.zoetis.com.
About Platinum Performance
Platinum Performance was co-founded in 1996 by renowned equine
veterinarian and surgeon, Dr. Doug Herthel, and President Mark
Herthel. From its earliest days, the company has held a strong
commitment to veterinarians and the highest respect for their role
in guiding the health, wellness and performance of the horse.
Platinum Performance develops, manufactures and markets a broad
range of premium nutritional product formulas for horses as well as
a smaller range of petcare brands and human supplements. For more
information, visit www.platinumperformance.com.
Forward-Looking Information
This press release contains forward-looking statements, which
reflect the current views of Zoetis with respect to business plans
or prospects, future operating or financial performance, future
guidance, future operating models, expectations regarding products,
expectations regarding the performance of acquired companies and
our ability to integrate new businesses, expectations regarding the
financial impact of acquisitions, future use of cash and dividend
payments, tax rate and tax regimes, changes in the tax regimes and
laws in other jurisdictions, and other future events.
These statements are not guarantees of future performance or
actions. Forward-looking statements are subject to risks and
uncertainties. If one or more of these risks or uncertainties
materialize, or if management's underlying assumptions prove to be
incorrect, actual results may differ materially from those
contemplated by a forward-looking statement. Forward-looking
statements speak only as of the date on which they are made. Zoetis
expressly disclaims any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. A further list and description of
risks, uncertainties and other matters can be found in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2018,
including in the sections thereof captioned “Forward-Looking
Statements and Factors That May Affect Future Results” and “Item
1A. Risk Factors,” in our Quarterly Reports on Form 10-Q and in our
Current Reports on Form 8-K. These filings and subsequent filings
are available online at www.sec.gov, www.zoetis.com, or on request
from Zoetis.
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version on businesswire.com: https://www.businesswire.com/news/home/20190722005296/en/
Zoetis Media: Bill Price
1-973-443-2742 (o) william.price@zoetis.com
Zoetis Investor: Steve Frank
1-973-822-7141 (o) steve.frank@zoetis.com
Platinum Media: Morgan Halme
1-800-553-2400 ext. 169 (o) mhalme@platinumperformance.com
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