In a significant move that underscores the growing pet care industry, private equity giant Blackstone has agreed to acquire Rover Group, Inc. (ROVR), the world’s largest online marketplace for pet care, for an all-cash value of approximately $2.3 billion.

The acquisition, expected to close in the first half of 2024, will bring together two leading players in the pet care space. Rover, founded in 2011, connects pet owners with many pet care providers, including dog walkers, sitters, and groomers. With its extensive experience in investing and operating pet care businesses, Blackstone is well-positioned to support Rover’s continued growth.

“We are thrilled to partner with Blackstone to further accelerate Rover’s mission of making pet care more accessible and convenient for pet parents,” said Aaron Easterly, co-founder and CEO of Rover. “Blackstone’s deep understanding of the pet care industry and its proven track record of success will be invaluable as we continue to grow and expand our platform.”

The acquisition is expected to benefit both Rover and its users. Rover will gain access to Blackstone’s resources and expertise, while users will benefit from an even broader range of pet care services and a more seamless experience.

“We believe that Rover is a well-positioned leader in the rapidly growing pet care market,” said Stephen Schwarzman, Chairman and CEO of Blackstone. “We are excited to partner with Rover’s talented team to help the company achieve its full potential.”

The acquisition of Rover is the latest in a series of investments Blackstone has made in the pet care industry. The firm has invested in pet-related businesses, including pet food companies, veterinary clinics, and pet insurance providers.

Blackstone’s acquisition of Rover signals the growing importance of the pet care industry. As pet ownership continues to rise, so does the demand for pet care services. With its large network of pet care providers and user-friendly platform, Rover is well-positioned to capitalize on this trend.

The acquisition is also a testament to Blackstone’s confidence in the pet care industry. The firm believes that Rover has the potential to become the dominant player in the pet care market, and Blackstone is committed to providing Rover with the resources and support it needs to succeed.

The acquisition is expected to impact the pet care industry overall positively. It will likely lead to increased innovation and competition, benefitting pet owners by providing them with more choices and better prices.

Blackstone’s acquisition of Rover is a significant development for the pet care industry. It signals the growing importance of the industry and Blackstone’s confidence in Rover’s potential. The acquisition is expected to benefit both Rover and its users and the pet care industry as a whole.