Chewy Finishes 2025 on a High

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Largest Exit in Austrian Startup History

Tractive acquisition by Bending Spoons shows durability of connected pet category.

FCPT Acquires BluePearl Hospital Property

$3.8M veterinary real estate deal reflects continued investor appetite for specialty pet healthcare assets.

Chewy Closes 2025 With $12.6B Revenue

26% EBITDA growth, record cash flow, and 21.3M active customers reinforce margin expansion outlook.

Smalls Expands Distribution via Phillips

Fresh cat food brand partners with major distributor to accelerate retail and veterinary channel reach.

Chewy Builds Influencer Marketing Engine

Pet category continues leaning into creators as brands scale performance-driven social strategies.

Snipp Lands $3M Enterprise Contract

Loyalty and promotions platform secures largest deal in company history, signaling demand for engagement tools.

Cultivated Meat Gains Attention in Pet Food

Alternative protein innovation continues pushing into pet nutrition as sustainability pressures grow.

IndieVets Partnership Signals Growth Strategy

Independent veterinary network continues building partnerships aimed at supporting clinic operators.

Pet Services Surge as Vet Visits Decline

Pet services spending jumps 51% while veterinary visits fall for the 16th straight quarter, signaling shifting care patterns.

13,000-Year-Old Dog Discovery Rewrites History

A discovery at an ancient hunter-gatherer site is shedding new light on just how far back the human-dog bond may go.

Vet Techs Push Back on Midlevel Role Expansion

Scope-of-practice battle intensifies across the veterinary workforce as technicians push back on a midlevel practitioner model.

Longevity Research Could Extend Dog Lifespans

Breakthrough aging research is fueling hopes for longer, healthier dog lives — and may eventually unlock clues for humans too.

Chewy Says Pet Ownership Still Growing

Even with rising costs squeezing consumers, Chewy says pet ownership trends remain resilient and the category still has room to expand.

Blue Buffalo Pushes for Pet Tax Breaks

General Mills’ pet brand is leaning into the affordability debate by calling for pet-related tax deductions.

Most Trainable Dog Breeds Ranked

A new look at canine trainability highlights which breeds pick things up fastest — and why that still matters to owners.

Boxerpalooza Helps Fund Animal Rescue

The annual boxer-themed event is turning community enthusiasm into direct support for rescue efforts in Horry County.

Snout — Head of Marketing

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PetSmart — Sr Specialist, Personalized Marketing

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Tuft & Paw — Social Media Manager

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Sundays For Dogs — Director of Integrated Marketing

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Dandylion — Supply Chain & Inventory Manager

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March 2026 M&A Corner

M&A is increasingly becoming a strategic growth lever across the pet and veterinary ecosystem. As veterinary practices face rising operational complexity, from inventory management to clinical workflows, the market is rewarding platforms that can integrate critical infrastructure and streamline how clinics operate.

One transaction that illustrates this shift is the $3.5 billion merger between Covetrus and MWI Animal Health. Covetrus provides practice management software and digital workflow tools used by thousands of veterinary clinics, supporting scheduling, patient records, and clinic operations. MWI Animal Health is one of the largest distributors of veterinary pharmaceuticals, medical supplies, equipment, and business services to veterinary practices across North America. Together, the companies bring digital practice infrastructure and physical distribution into a single platform.

Viewed through our M&A Matrix™, the transaction falls primarily into Cell 3, where complementary capabilities enhance the value proposition for the same end customer. By connecting practice management software with procurement, inventory management, and supply fulfillment, the combined business can streamline clinic operations while strengthening customer retention.

For founders across the pet and animal health ecosystem, the broader takeaway is clear: valuations favor businesses that control multiple points in the industry value chain. Platforms that combine technology, services, and distribution are becoming essential infrastructure for veterinary practices.

Explore the Full M&A Analysis →

This commentary reflects independent analysis based on publicly available information. Tuck Advisors was not involved in this transaction.