Synchrony’s CareCredit, a leading name in health and wellness financing, has acquired Pets Best, a pioneer in the pet health insurance industry. This strategic acquisition marks a significant step towards integrating Pet Care Credit and insurance solutions, offering enhanced financial flexibility for pet owners and streamlined operations for veterinary professionals.
This acquisition positions CareCredit to leverage Pets Best’s expertise in the rapidly expanding pet insurance market, complementing CareCredit’s established presence in veterinary financing. As pet care expenditures rise, pet owners are increasingly seeking comprehensive financial solutions to ensure their beloved animals receive the best possible care. The U.S. pet industry is a robust market, projected to exceed $72 billion in 2018, with pet health insurance expected to double by 2022. This acquisition addresses this growing need by providing a wider array of payment options, combining pet care credit with insurance coverage.
“Pets are integral members of the family, and their well-being is a top priority for pet owners,” stated Beto Casellas, CEO of CareCredit. “By incorporating Pets Best into the CareCredit family, we gain invaluable insights into the burgeoning pet health insurance sector. This allows us to present pet owners with more diverse choices for managing pet care costs. For veterinarians, this acquisition means the ability to offer comprehensive financial solutions, simplifying the payment process and enhancing client satisfaction.”
Based in Boise, Idaho, Pets Best brings to CareCredit a wealth of experience in pet health insurance, characterized by diverse plan options, superior customer service, and efficient claim processing. To date, Pets Best has issued over 125,000 pet health insurance policies, processed over a million claims, and disbursed $200 million in claim payouts.
Chris Middleton, president of Pets Best, commented, “CareCredit’s unparalleled expertise in consumer financing within the veterinary space, combined with their digital-first approach and customer-centric philosophy, aligns perfectly with Pets Best. By joining forces, we can accelerate the expansion of our offerings and deliver a complete suite of financial solutions to our clientele. This synergy will ultimately benefit veterinarians, pet parents, and the pets under their care for years to come.”
The acquisition will enable consumers to access both pet health insurance policies and CareCredit’s pet care credit options. CareCredit will utilize Pets Best’s advanced technology and deep understanding of the pet health insurance market. Conversely, Pets Best will benefit from CareCredit’s extensive network within the healthcare market, including established relationships with veterinary practices and industry associations.
CareCredit plans to enhance Pets Best’s offerings by leveraging its strengths in digital marketing, loyalty programs, mobile accessibility, and data analytics. Looking ahead, CareCredit aims to provide pet owners with a holistic pet care solution, seamlessly integrating financing and insurance options to create a streamlined and user-friendly experience.
Pets Best will continue its operations in Boise, Idaho, ensuring continuity and leveraging its existing operational strengths.
While financial details of the acquisition remain undisclosed, it is not anticipated to have a significant impact on Synchrony’s financial performance. Guggenheim Securities served as the financial advisor to Synchrony, and Sidley Austin LLP acted as their legal counsel. Stoel Rives LLP served as the legal advisor for Pets Best.
About CareCredit
CareCredit, a Synchrony solution, is a dedicated health, wellness, and personal care credit card designed to facilitate access to necessary and desired care, including veterinary services. With over 30 years of experience, CareCredit has assisted millions in managing healthcare expenses through specialized financing options and convenient monthly payment plans. CareCredit is accepted at over 210,000 locations across a broad spectrum of healthcare and wellness providers.
About Pets Best
Founded in 2005 by Greg McDonald and veterinarian Dr. Jack Stephens, Pets Best is committed to providing accessible and comprehensive pet healthcare at affordable prices. Dr. Stephens, a pioneer in pet insurance in the U.S. since the early 1980s, founded Pets Best with a passion for pet welfare. Pets Best offers a range of pet insurance and wellness plans for dogs and cats nationwide and has paid out over $200 million in claims. Built on a foundation of innovation, Pets Best prioritizes customer satisfaction through flexible coverage, rapid claims processing, and exceptional customer service. Pets Best provides pet insurance solutions for numerous Fortune 500 companies and is a founding member of NAPHIA, which promotes high standards and transparency in the pet insurance industry. For further details, please visit www.petsbest.com.
Pet insurance is offered and administered by Pets Best Insurance Services, LLC and is underwritten by American Pet Insurance Company (APIC) or Independence American Insurance Company (IAIC). For more information about available pet health insurance products underwritten by APIC, please visit www.americanpetinsurance.com. IAIC is part of The IHC Group; additional information is available at www.ihcgroup.com.
About Synchrony
Synchrony (NYSE: SYF) is a leading consumer financial services company, providing customized financing programs across diverse sectors including retail, health, automotive, travel, and home, alongside award-winning consumer banking products. With over $140 billion in sales financed and 80.3 million active accounts, Synchrony delivers deep industry expertise, actionable data insights, innovative solutions, and differentiated digital experiences to enhance the success of businesses and improve the lives of customers. More information can be found at www.synchrony.com and on Twitter: @Synchrony.
References:
[1] American Pet Products Association, https://www.americanpetproducts.org/press_industrytrends.asp
[2] Packaged Facts, https://www.prnewswire.com/news-releases/us-pet-insurance-market-to-double-by-2022-lead-by-these-5-key-trends-reports-packaged-facts-300723796.html, “Pet Insurance in the U.S., 6th Edition,” September 28, 2018.
Contacts:
Lisa Lanspery
Synchrony
[email protected]
203-585-6143
Kerry Sutherland
Pets Best
[email protected]
775-360-6101
