Pet sitting and dog walking service Mad Paws is set to acquire dog-treats subscription retailer Waggly Club.
Under the agreement, Mad Paws will buy 100 per cent of the shares in Gasset Group, which owns Waggly Club, for $2 million in cash payable on completion and $1 million in Mad Paws fully paid ordinary shares. The acquisition is expected to be completed today.
“We are always interested in strategic acquisitions that accelerate our growth and which fit into the Mad Paws strategy,” said Justus Hammer, CEO of Mad Paws. “The Waggly group perfectly complements Mad Paws not just from a product and strategy perspective but we share the same passion for helping pets to live their lives to the fullest.”
Founded by Kate Herbert in 2016, Waggly Club provides monthly subscription boxes of Australian-made healthy dog treats and toys. Waggly Club revenue has surged from $800,000 to $1.5 million from FY 2020 to FY 2021.
“As we look to our next horizon, my aim is to scale Waggly and reach more and more dogs and their fur parents each month,” said Kate Herbert, CEO and founder of Waggly Club.
“Our products are complementary not only to the Mad Paws Dinner Bowl and Insurance offerings, but also for distribution and promotion via the Mad Paws marketplace network.”