SÃO PAULO, April 19, 2021 /PRNewswire/ -- Petlove, the largest digital ecosystem for pet owners in Brazil, and Health for Pet, a branch of the Porto Seguro business group and leader in the animal health insurance segment, announced the conclusion of an agreement that will combine their operations within the Brazilian market. After this transaction, Porto Seguro will hold a 13.5% interest in Petlove and, in return, will transfer the ownership rights of Health for Pet to the e-commerce company. This alliance will also result in the launch of Porto.Pet, a service that will replace Health for Pet's insurance activities and become part of the Petlove ecosystem, whilst having Porto Seguro as a strategic shareholder.
The main objective behind this merger is to strengthen Porto Seguro and Petlove's portfolios by potentializing their growth and expansion agendas, as well as focusing on what customers really care about: the health and happiness of pets. From now on, Petlove will operate on an expanded portfolio and Porto Seguro will be able to offer Petlove's entire set of solutions to its customer base.
The combination of the companies occurred a few months after Petlove merged with DogHero, the largest pet services company in Latin America, acquired Vetus, one of the largest management systems for animal clinics, and received significant contributions from Softbank and L Catterton.
Porto.Pet is currently responsible for 41 thousand lives in its customer base and, after merging with Petlove, the company accelerated its expansion plan for national coverage, meeting an important criteria established by stakeholders. The possibility of verticalization, as well as the creation of its own service units for pets, are factors being considered. With this agreement, Porto.Pet should become one of the largest integrated pet care networks in Brazil.
"This synergistic enterprise reinforces our mission of becoming the largest platform for pet products and services, while also guaranteeing ultimate convenience to all links in the pet chain: not only for pet tutors, but also for doctors, veterinary clinics, hospitals and pet shops from all over Brazil," says Marcio Waldman, founder of Petlove. "The combination between Porto Seguro and the Petlove ecosystem, as well as the launching of Porto.Pet, are important steps towards expanding our vetenarian's sphere of influence within the brazilian market. These professionals are our key to success", adds Waldman.
"It is an opportunity that will strengthen our objective of integrating businesses, making client-centered decisions, and expanding the number of solutions offered within the pet market. Launching Porto.Pet and joining Petlove is an important step towards accelerating Porto Seguro's strategic growth", explains Marcos Loução, Vice President of Financial Business and Services at Porto Seguro. "We want to improve the life of pet tutors by developing a complete ecosystem dedicated towards Insurance, Health, and Financial Services", adds Loução.
The agreement is subject to approval by the Administrative Council for Economic Defense (CADE).
Created by veterinarian Marcio Waldman, Petlove is the largest digital ecosystem for pets in Brazil. In addition to Petlove, other companies such as VetSmart, Vetus, and DogHero also participate in the business group by offering solutions that contemplate all spheres within the pet segment: doctors, veterinary clinics and hospitals, pet shops and consumers.
With a portfolio that contains more than 15 thousand items, including its own and exclusive brands, the company offers a complete approach when it comes to animal care. Petlove has a subscription service that offers a 10% discount on all its portfolio, as well as appointments with veterinarians and deliveries throughout the entire country.
The company also acts as a technology provider for the Brazilian pet market and has more than 3000 partners, such as doctors, veterinary clinics, hospitals and pet shops. With technologies such as the Pet Profile, Petlove focuses on making pet owners' lives more practical by bringing together, in one place, specialists, products and helpful tips.
About Porto Seguro
Porto Seguro is more than an insurance company, it is a network of protection services that applies technological solutions to improve customer experience. With more than 70 years of experience, the company's operations are centered around four strategic business pillars: Insurance, Health, Financial Products and Services. In addition to 8.4 million unique customers, 13 thousand employees, 12 thousand providers and 35 thousand partner brokers, the company also has 101 branches and regional offices throughout Brazil. Altogether, 27 companies are part of the Porto Seguro universe - among them: Azul Seguros, Itaú Seguros de Auto e Residência, Porto Seguro Saúde, Porto Seguro Serviços and Porto Seguro Uruguay. In 2020, the company's net profit was R$ 1,695.8 million. Porto Seguro's primary objective is to accelerate growth whilst expanding new business fronts to launch more innovative products and become a Safe Harbor for everyone.
About SK Tarpon and Kamaroopin
Tarpon is a company where capital and talent are at the service of entrepreneurship, innovation and corporate legacy. After 18 years of experience, the company recently decided to create an ecosystem of new business leaders, each focused on specific activities. Kamaroopin is one of these leaders and assists by accelerating the growth of companies under collaborative management. Its approach consists of the elaboration of highly secure investment metrics related to changes in consumption habits. In order to do this, Kamaroopin conducts strict approval processes, valuing the business' legacy and existing talents, whilst identifying opportunities for improvement to ensure business growth.
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