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Acquisition of Allivet | 12 Months Ended
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Dec. 27, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Acquisition of Allivet | Acquisition of Allivet On December 30, 2024, the Company completed its acquisition of Allivet, an online pet pharmacy. Pursuant to the agreement governing the transaction, the Company acquired 100% of the equity interest in Allivet for a purchase price of $135.0 million, which excludes adjustments for working capital, acquired cash, and other transaction related payments. The acquisition was financed with cash on hand from the balance sheet. Allocation of the Purchase Price The Company has applied the acquisition method of accounting for the Allivet acquisition, in accordance with Accounting Standards Codification 805 “Business Combinations,” with respect to the identifiable assets and liabilities of Allivet which have been measured at estimated fair value as of the date of the business combination. The aggregate purchase price noted above was allocated to the identifiable assets acquired and liabilities assumed based upon their estimated fair values at the acquisition date, primarily using Level 2 and Level 3 inputs. Level 2 and Level 3 inputs are described in further detail in Note 1 - Significant Accounting Policies. These fair value estimates represent management’s best estimate of future cash flows (including sales, cost of sales, income taxes, etc.), discount rates, competitive trends, market comparables, and other factors. Inputs used were generally determined from historical data supplemented by current and anticipated market conditions and growth rates. The amount of consideration transferred that exceeds the fair value of the identifiable assets, net of liabilities, is recorded as goodwill, which is indicative of the expected synergies the acquisition of Allivet will bring to the Company’s portfolio offering for companion animal, equestrian, and livestock customers, and the additional growth opportunities expected to open up as a result of acquiring Allivet. The final fair value determination of the identifiable assets acquired and liabilities assumed was completed in the third quarter of fiscal 2025. The following table sets forth the final purchase price allocation of Allivet’s net assets acquired on December 30, 2024.
|  | Final Allocation of the Purchase Price
Fair value of assets acquired |  |
Cash and cash equivalents |  | $ | 2,905 |
Inventories |  | 18,227 |
Prepaid expenses and other current assets |  | 4,681 |
Property and equipment |  | 10,779 |
Operating lease right-of-use assets |  | 3,124 |
Identifiable intangible assets |  | 26,500 |
Total assets acquired |  | 66,216 |
Less: Fair value of liabilities assumed |  |
Accounts payable |  | 11,227 |
Other accrued expenses |  | 3,084 |
Current portion of operating lease liabilities |  | 728 |
Deferred income taxes |  | 6,988 |
Operating lease liabilities, less current portion |  | 1,649 |
Other long-term liabilities |  | 45 |
Total liabilities assumed |  | 23,721 |
Goodwill |  | 100,305 |
Total fair value of consideration transferred |  | $ | 142,800 |
Transaction costs related to the Allivet acquisition were expensed as incurred and are included in selling, general, and administrative expenses in the Consolidated Statements of Income. The results of operations of Allivet have been included in the Consolidated Financial Statements since the date of acquisition.

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