Best known as a candy maker, privately owned Mars Inc. is buying VCA, a nationwide chain of animal hospitals, for $7.7 billion in a deal that will make pet care the biggest sales sector for the company, surpassing candy and gum sales, says The Washington Post. Mars already owns Banfield, which operates 1,000 veterinary clinics and hospitals.
The purchase could prompt wordplay on the company’s longtime slogan, “The best candy on earth comes from Mars.” Mars has five businesses, three involving food and snacks. Mars Petcare is based in Belgium and operates in 50 countries with 40,000 employees, said the Post. Based in Los Angeles, VCA has 750 animal hospitals and a network of clinical laboratories.
“The move, approved by both boards of directors and expected to close in the third quarter, is designed to capitalize on Americans’ growing attachment to their pets,” said the Post. “Americans spent an estimated $62.75 billion in 2016 on their animals, according to the American Pet Products Association. That is up from $51 billion only five years ago.”