Covetrus, a portfolio company of CD&R and TPG, has sold SmartEquine to Chewy
SmartEquine
SmartEquine (f.k.a. SmartPak) is the #1 equine health brand dedicated to helping every horse live its best life every day. For more than a quarter of a century, SmartEquine has earned the trust of riders and veterinarians through science-backed supplements, innovative delivery systems and world-class customer care. Believing every horse is one-of-a-kind, SmartEquine delivers personalized solutions that make daily care easier and more precise. Its signature SmartPak supplement feeding system provides the ultimate in accuracy and control—so horses get exactly what they need, every day. Beyond supplements, SmartEquine offers a complete wellness portfolio that includes grooming, tack, barn essentials, and therapeutic products—everything horse owners need to support health, comfort and performance. Driven by a passion for horses and a commitment to innovation, SmartEquine continues to set the gold standard in equine health and wellness.
The Deal
This acquisition strengthens Chewy’s position as a leader in the equine category and accelerates the company’s expansion into higher-margin health and wellness verticals. By combining SmartEquine’s premium product portfolio and loyal customer base with Chewy’s unmatched logistics, innovation and customer service, Chewy will deliver a differentiated and comprehensive value proposition to equine customers nationwide.
Key expected benefits to Chewy include:
- Category Expansion and Margin Growth: Enhances Chewy’s product mix with a broader offering in the high-margin equine supplements segment
- Recurring Revenue Synergies: SmartEquine’s subscription model aligns with and strengthens Chewy’s recurring revenue base
- Customer Lifetime Value Growth: Expands Chewy’s opportunity to increase share of wallet among a passionate and underserved customer segment
- Financial Accretion: The transaction is expected to be adjusted EBITDA margin accretive upon closing
Our Perspective
Roddy O’Neill, Lincoln International Managing Director & Co-Head of the Global Healthcare Group, commented, “This transaction underscores the continued strength and growing strategic importance of the equine market. We are seeing sustained interest from high-quality buyers who recognize the attractive growth dynamics, loyal customer base and increasing role of technology in equine health.”
Covetrus Inc
Covetrus is a global animal-health technology and services company supporting companion, equine and large-animal veterinary markets. The company delivers an integrated portfolio of products, software and services that enable veterinarians to run better, more connected and more profitable practices. Headquartered in Portland, Maine, with over 5,000 employees, Covetrus serves more than 100,000 customers worldwide. Covetrus brings over 60 years of experience as a trusted partner advancing veterinary care and practice performance.
Lincoln International LLC is the sole financial advisor to Covetrus.
We are thrilled to welcome SmartEquine to Chewy. Together, we’ll bring even greater expertise, convenience, and care as a trusted destination for the equine community.
Meet our Senior Team
My goal is to bring the best of Lincoln to each and every transaction, ensuring the topmost outcomes for our clients.
Roderick O’Neill
Managing Director & Global Head of Healthcare
New York
I enjoy working with founders and operators to help them maximize outcomes.
Sean Kelly
Vice President
New York
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