Singapore’s insolvent pet food retailer Perromart has released an official announcement about its takeover by Infinity Cosmic on its company Facebook page.
Infinity Cosmic in Singapore is a subsidiary of Malaysia-incorporated Infinity Cosmic that owns Malaysian pet food retailer Petico.
The deal covers the acquisition of all the assets of Perromart from 25 Holdings.
The announcement comes after Perromart became insolvent and was placed in receivership in March this year.
It includes IP rights for Perromart’s in-house brands in Singapore and Malaysia, its inventory, customer data, warehouse equipment and fittings.
Further, the transaction does not include the company’s liabilities such as bank loans and trade creditors.
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Financial terms of the transaction have not been disclosed.
In an email to its subscribers, Perromart said: “We hope to offer customers the best possible pet care experience, by ensuring wider assortment at an affordable price with consistent and speedier delivery. We understand customers will have some concerns on their previous loyalty points, which will be transferred once system migration is done.”
For Petco, the acquisition is part of its strategic growth plans to enter Singapore’s pet food market and expand its regional footprint in Southeast Asia.
Meanwhile, the retailer plans to retain the Perromart brand name for the foreseeable future.
Petco co-founder David 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.”
Petco operates a network of 12 stores across Malaysia and offers pet care services such as veterinary and grooming services.