SINGAPORE, Aug 28 — Petico, one of Malaysia’s fastest-growing pet food retailers, has acquired the assets of Singapore’s failed pet food retailer, Perromart, paving the way for its expansion across the Causeway and other parts of Southeast Asia.
Petico’s entry into the lucrative pet food market here is part of its strategic growth plans to expand its regional footprint and cater to the growing demand for high-quality pet products.
“We are truly delighted to be able to acquire some of the assets of Perromart, which has strong brand equity despite being in the business for only eight years,” said Petico co- founder, Daniel Choy.
He said the strategic acquisition will allow it to fast-track its Southeast Asia expansion plans.
“We will also expand our offering of high quality, nutritious pet food to Singapore pet owners, including some exciting new brands we are bringing to Southeast Asia.”
Petico was co-founded in 2019 by Choy and three other friends – Ashwin Kumar, Ben Fong and Esther Loo.
Choy’s family owns the largest pet food manufacturer in Malaysia — Pet World.
The latter is behind well-known brands like ProDiet for cats, ProBalance for dogs and Delizios white meat for pets.
“My business partners and I are doting pet owners, and we are committed to ensuring that our furry friends stay healthy and well-nourished with wholesome food that does not contain excessive chemicals and high amounts of fillers like wheat, corn and soy,” said Choy.
The acquisition by Petico for Perromart’s assets, which include its inventory, customer data, domain name, warehouse equipment and fittings, and IP rights for Perromart’s in-house brands in Singapore and Malaysia.
It does not include Perromart’s liabilities, such as bank loans and trade creditors.
Perromart, a pet food company owned by 25 Holdings, became insolvent and was placed in receivership in March 2023.
Choy said that while its acquisition does not include Perromart’s liabilities, it has, in a goodwill gesture, offered vouchers to Perromart customers affected by delivery fulfilment issues.
The credit vouchers offer S$10 (RM34.3) off orders of more than S$100.
Petico is retaining the Perromart brand name for the foreseeable future and may consider opening a flagship store if the opportunity arises.
The pet food industry in Singapore was valued at US$130.90 million (RM605.08 million) in 2022 and is expected to grow by more than 5.0 per cent annually in the next five years, according to Statista, a German company that provides consumer and market data.
— Bernama
