Cardone Ventures, a private equity firm led by Grant Cardone, has submitted an unsolicited, non‑binding proposal to acquire PetMed Express, Inc. (NASDAQ: PETS) for $4.25 per share in cash, valuing the company at approximately $89 million. The offer was delivered to PETS’ board on December 16, 2025 and is not contingent on financing.
The proposal represents a premium of roughly 43 % over PETS’ closing price of $2.94 on December 15 and exceeds the company’s analyst‑established target range of $3.20‑$3.35. The high premium reflects Cardone Ventures’ belief that it can unlock value through operational improvements and scale.
PetMed Express has posted a challenging financial trajectory in recent quarters. Fiscal year 2025 revenue fell 17.2 % to $226.97 million, and the company posted a net loss of $6.27 million. The decline is driven by weaker demand in the pet‑care retail segment and increased competition, while gross margin contracted to 28.1 % from 30.5 % in the prior year.
Management commentary from Cardone Ventures’ co‑founder Brandon Dawson highlights the company’s “trusted brand and valuable operating infrastructure.” Dawson said the firm intends to apply its hands‑on operating model and acquisition experience to improve profitability and accelerate growth, suggesting a turnaround strategy that could justify the premium.
The market reacted strongly to the proposal, with PETS’ shares surging approximately 24 % on the day of the announcement. The surge was driven almost entirely by the premium offered, as analysts noted that the offer far exceeds current trading levels and analyst expectations, signaling a potential upside for shareholders.
PetMed Express had previously received an unsolicited offer from SilverCape Investments for $4.00 per share in December 2025, indicating that the company has been a target for acquisition. The new proposal from Cardone Ventures adds a fresh competitive dynamic to PETS’ ongoing turnaround efforts.
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