Pinnacle Pet Group (PPG) confirmed plans to acquire Animal Friends Investments Ltd., according to a press release.
“This is an exciting new home for Animal Friends with the Pinnacle Pet Group,” Animal Friends CEO Westley Pearson said. “Our business has grown over the past five years and this acquisition is a natural next step, further solidifying our position as a leading pet insurance provider in the UK market. We’re really looking forward to working with JAB and PPG, driving change in the sector together and finding new ways to enhance the lives of pets and pet parents.”
Animal friends was acquired from Correlation One Holdings Ltd. The owner of UK-based multi-award-winning pet insurance provider, Animal Friends has served as a specialist insurance intermediary for 25 years. With the support of more than 400 employees, the organization takes care of more than 1.1 million cats, dogs and horses in the UK, and has contributed to welfare charities and conservation organizations across the globe.
“Since its establishment in 1998, Animal Friends’ unique approach to pet insurance has saved thousands of animals, inspired positive change in the sector and protected vulnerable ecosystems around the world,” said Dirk Beeckman, CEO of JAB’s pet insurance portfolio. “We are thrilled to welcome the Animal Friends team into the PPG family, and to further build out its award-winning services and socially driven approach.”
As a result of the integration, Animal Friends hopes to leverage its brand, expertise and services to expand across the United Kingdom and other new European markets. The acquisition is expected to result in the growth of pet insurance acquisitions with UK-based Waggel, Vet-AI and Kozoo, among other health providers.
“In line with the steady rise in pet ownership, the UK pet insurance market has undergone a period of consistent growth over the last decade and has further accelerated insurance adoption,” said Michael Thorpe, managing director at Correlation Risk Partners. “Our partnership with Pinnacle Pet Group brings together two highly experienced teams which, combined with the depth and international reach of PPG’s portfolio, will allow us to expand our pet insurance offerings and adjacent services.”
Launched in 2021, PPG specializes in connecting owners and animals with insurance options for treatment access in the UK and Europe. The terms of the acquisition are subject to customary closing conditions, including applicable regulatory approvals.
“Since launching in 1998, Animal Friends has remained steadfast in its commitment to save animals, inspire change and protect the future of vulnerable ecosystems, at home and abroad,” a recent press release states. “To date, Animal Friends has donated over [$8.5 million] to more than 700 animal charities, ranging from large scale community campaigns to small contributions and one-off projects.”