Blackstone to Buy Pet-Care Company Rover for $2.3 Billion
- Shares surge as much as 31%, most since company’s IPO
- Pet economy exploded in pandemic with wave of adoptions
The pet economy exploded during the pandemic as locked-down Americans adopted cats, dogs and other animals.
Photographer: Tiffany Hagler-Geard/BloombergRover Group Inc., an online marketplace in the fast-growing market for pet-care services, soared after agreeing to be acquired by Blackstone Inc. in a $2.3 billion all-cash deal, the companies said Wednesday.
The pet economy exploded during the pandemic as locked-down Americans adopted cats, dogs and other animals. But now, with stubborn inflation for basic goods including those in the pet category, many owners are finding it increasingly expensive to care for their animals. NIQ data from October shows that pet-care retail prices were up about 6% from last year, higher than overall inflation rates.