Petplan, a pet health insurance provider in North America, has been acquired by Warburg Pincus, a global private equity firm. The acquisition is expected to provide Petplan with access to significant capital and resources to drive growth. Financial terms of the transaction were not disclosed.
Petplan, headquartered in Newtown Square, Pennsylvania, provides pet health insurance to over 200,000 customers in the U.S. and Canada. Under the leadership of CEO, Paul Guyardo, Petplan has experienced substantial growth, including the recent milestone of reaching 200,000 active subscribers. In the past year, total Petplan subscriptions have grown by nearly 15 percent — the fastest and most significant growth since 2015.
As part of the acquisition, John Giannuzzi will join as Chairman of the Board for Petplan. Giannuzzi is the co-founder and managing general partner of Sherbrooke Capital, a growth capital private equity firm focused on investing in emerging consumer companies.
Cozen O'Connor served as the legal adviser to Petplan and Wachtell, Lipton, Rosen & Katz served as the legal adviser to Warburg Pincus.