Pets West, a popular small-pets and pet-food store operated for 32 years by Lisa Nitkin, has a new owner.
United Raw Pet Foods Inc., a majority-owned subsidiary of Dane Creek Capital Corp., announced the acquisition Wednesday.
Located at Broadmead Village, Pets West is one of the longest-standing and largest pet specialty retail stores on the Island.
Nitkin will stay on with Pets West until next year to assist in transitioning.
Dane Creek Capital said the purchase price represents 0.45 times expected revenue for the current fiscal year ending Jan. 31. No other terms were announced.
The addition of Pets West brings to seven the number of United Raw-owned retail locations on the Island.
Earlier this year, Dane Creek and United Raw announced the acquisitions of Growlies Pet Foods in Langford, Wild Side Pet Boutique in Qualicum Beach and Nanaimo, Lucky Paws Enterprises in Mill Bay and Duncan, and A Pet’s Life Ventures in Victoria.
Pets West carries United Raw brands as well as traditional dry and canned pet food brands. Further expansion of Pets West’s frozen pet food section is expected over the coming months.
‘We are very pleased to be adding Pets West to the United Raw family of retail locations on Vancouver Island,” Mark Warren, chairman and CEO of Dane Creek, said in a statement. “Lisa and her team have not only created a premium shopping experience for pet owners, but have also demonstrated an unwavering commitment to animal welfare and social responsibility. We fully intend to build on this legacy.”
Nitkin said, “United Raw is the best partner to ensure that what my team and I have built at Pets West over the years will continue.”
Dane Creek is a privately held Canadian merchant banking venture dedicated to the pet industry. To date, the company has acquired or invested in 18 pet businesses in North America.