RHINELANDER (WAOW)-- The co-owner of Drs. Foster and Smith tells Newsline 9 after 31 years in the pet supply business, the company felt it was time to look for a buyer. It turned out to be Petco.
Three veterinarians founded Drs. Foster and Smith in 1983 focusing on giving excellent care to animals.
"It was something that just evolved we had four animal hospitals in northern Wisconsin and my brother had the idea that we could sell some of those medications that were legal through the mail directly to the homeowner," said Co-owner Dr. Race Foster.
Now the company is considered one of the largest pet specialty retailers in the country bringing in tens of millions of dollars every year from mostly online and catalog sales.
And that was something that interested Petco when the co-owners started looking for a buyer.
The sale was announced Wednesday. No terms were disclosed.
In a press release, the CEO of Petco, Jim Myers said,
"The move underscores our commitment to nurturing the complete health and well being of animals."
Dr. Foster said it was time to sell the company,
"We are just at a point in our age where we have been here 31 years and it's a $250 million a year company."
The company employees more than 500 people .
Dr. Foster says he does not believe any of those jobs are in jeopardy.
"I think it is important for everyone to realize that the plan is for there to be growth in Onieda County," said Foster.
Leaders at the pet supply company say they expect the sale to generate new business.
"We will probably expand the number of orders that go out of the warehouse I think we will be expanding the call center," said Foster.
And Dr. Foster believes this is the best thing he could do for the future of the company.
"They will certainly add expertise that we don't have, we are a home-grown company. I'm a veterinarian, not a marketer, and I think they can help us."