According to Statista, the pet food industry in Singapore was valued at US$130.90 million ($177.4 million) in 2022.
Malaysian pet food retailer Petico has acquired Perromart’s assets. Perromart is a Singaporean online retailer that sells pet food, accessories and others.
The acquisition includes Perromart’s inventory, customer data, domain name, warehouse equipment and fittings, as well as intellectual property (IP) rights for Perromart’s in-house brands.
The acquisition does not include Perromart’s liabilities 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.
According to Petico, its entry into the Singaporean pet food market is part of its strategic growth plans to expand its regional footprint and cater to the growing demand for high-quality pet products.
“We are truly delighted to be able to acquire some of the assets of Perromart, which has strong brand equity despite being in the business for only eight years,” says Daniel Choy, one of the co-founders of Petico.
Choy, along with Ashwin Kumar, Ben Fong and Esther Loo, co-founded Petico in 2019. Choy comes from the family that runs Pet World, the largest pet food manufacturer in Malaysia.
“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,” he adds.
In addition, Choy announced that Petico has offered vouchers to Perromart’s customers who were affected by delivery fulfilment issues, as a gesture of goodwill. The vouchers offer $10 off orders that total over $100.
Petico says it is retaining the Perromart brand name for the foreseeable future and may consider opening a flagship store if the opportunity arises.
The pet food industry in Singapore was valued at US$130.90 million ($177.4 million) in 2022, according to German consumer and market data firm Statista. It is also expected to grow by over 5% annually in the next five years.