Blackstone Pays $2.3 Billion for Pet Care Brand Rover

Pet care marketplace Rover is set to be acquired by private equity firm Blackstone for $2.3 billion.

“We are thrilled for this next chapter in the Rover story and look forward to the partnership with the Blackstone team, who share our conviction, excitement and strategic vision,” Aaron Easterly, co-founder and CEO of Rover, said in a news release Wednesday (Nov. 29).

Easterly added that the acquisition allows Rover to “continue investing in our business in service of our mission to make it possible for everyone to experience the unconditional love of a pet in their lives.”

Founded in 2011, Rover was launched to offer traveling pet parents an alternative to relying of family, friends or boarding facilities for pet care. Its offerings have grown to include services such as dog walking and doggie day care.

“We believe Rover has a significant runway for growth as pet owners increasingly place a premium on high-quality care, flexibility and convenience,” Tushar Gupta, a principal at Blackstone, said in the news release.

The sale is expected to close in the first quarter of 2024, subject to the approval of Rover’s stockholders and regulatory clearances, per the release.

PYMNTS explored the market for high quality pet care in a report last month, noting that “pet parents today have elevated their expectations when it comes to caring for their furry companions. Beyond mere ownership, pets are now considered beloved family members, and as such, their care and well-being have taken center stage.”

Elsewhere, reporting by PYMNTS has shown that 70% of pet owners consider their animals family members, and think of their pet supply subscriptions as essential.

This evolving landscape has ushered in a major shift in the demand for a more personalized experience when shopping for pet essentials and grooming services.

To address these needs, Woof Gang Bakery & Grooming’s CEO Ricardo Azevedo and CMO Diego Suarez have embarked on a mission to offer pet parents an unforgettable experience while also ensuring that pets eagerly anticipate their grooming sessions.

Speaking to PYMNTS in a recent interview, the two discussed the details of this concept and how they plan to expand it to various regions around the country.

“We all love our dogs so much, and when it comes to the shopping experience and serving society, there’s no way to survive in this industry if you don’t provide the very best. I think that really frames everything we do at Woof Gang,” Azevedo said.