SINGAPORE — Petico, a Malaysian pet food retailer, announced its acquisition of Singapore pet food retailer Perromart’s assets on Aug. 28, marking its first foray into the Singapore pet food market. According to Petico, the acquisition will support its expansion throughout Southeast Asia.
Petico was founded in 2019 by Daniel Choy, Ashwin Kumar, Ben Fong and Esther Loo. Choy has a family background in Pet World, one of the largest pet food manufacturers in Malaysia. Pet World’s lines include ProDiet for cats, ProBalance for dogs, and Delizios. Private equity firm Creador recently acquired a 40% stake in Pet World.
Leveraging his experience in pet food manufacturing, Choy ventured into the retail side of the pet food industry upon noticing an opportunity to meet demand from Malaysian consumers for more premium products.
“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 do not contain excessive chemicals and high amounts of fillers like wheat, corn and soy,” Choy shared.
According to Statista, the pet food sector in Singapore was valued at $130.90 million in 2022 and is expected to grow by more than 5% annually during the next five years. With this in mind, Petico has made the leap to be part of this growth by acquiring Perromart.
According to Petico, its entrance into the Singapore pet food market will enable it to meet growing demand for high-quality, premium pet products, while also expanding its regional footprint.
Petico will acquire Perromart’s assets, which include inventory, customer data, domain name, warehouse equipment and IP rights for Perromart’s inhouse brands in Singapore and Malaysia. The acquisition does not include Perromart’s liabilities, such as bank loans and trade creditors, according to Petico.
“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,” Choy said. “This strategic acquisition will allow us to fast track our 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.”
Through the acquisition, Petico will retain Perromart’s branding for the foreseeable future and will consider opening a flagship store for the brand. Petico currently operates 12 stores throughout Malaysia and has plans to expand its omnichannel retail offerings.
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