The PetMeds (PETS) Board: Uniquely Qualified to Create Value Through a Turnaround or Acquisition

Analysis of the PetMeds Board

The PetMeds board of directors has proven expertise in strategy, operations, and capital allocation. This combination will support future shareholder value.

Peter Batushansky brings successful and proven industry experience. He founded and built Allivet. Allivet was one of PetMed's largest competitors before Batushansky sold the business to Tractor Supply (TSCO) in 12/2024. He understands customer acquisition, prescription fulfillment, veterinary relationships, margins, and industry consolidation. Also, he knows what buyers look for in a pet pharmacy business. If PetMeds gets more acquisition offers. His experience will be invaluable.

James LaCamp is the audit chair and joined the board in October 2025. LaCamp, at 42, is still an active operating executive. He is currently the CFO at Skydio. Previously, he was CFO of Flock Safety, SVP of Finance at Coupa Software, and an audit partner at Deloitte. He has an accounting degree from Santa Clara University, an MBA from Wharton, and is a CPA. 

LaCamp was not recruited for his expertise in the pet industry. Instead, he brings deep experience in financial analysis, capital allocation, M&A, corporate strategy, and value creation. He will be another key director in evaluating a turnaround, a restructuring, a strategic review, or a company sale.

Justin Mennen has expertise in technology and digital retail. Since PetMeds competes against much larger online players such as Chewy and Amazon. His background is relevant. His skill set will be used as PETS improves its technology, customer retention, marketing efficiency, online conversion rates, and turnaround.

Leah Solivan is the founder of TaskRabbit. She brings together experience in entrepreneurship and a company sale. She built and sold a successful company to IKEA. She understands both value creation and value realization. Her background suggests an objective approach. If a turnaround offers the best return? She would likely support.

Leslie Campbell joined the board in 2018 and became the Chair in January 2024. She accepted the role as Interim CEO in August 2025. This was after the departures of both the CEO and CFO. Further, Campbell held senior roles at Oracle and Dell. Her expertise is in finance, technology, governance, and board oversight.

Campbell is not an activist investor or turnaround specialist. But several factors make her more open to strategic alternatives than prior management. She purchased 60,000 shares in the open market in late 2024. Her career has focused on governance and shareholder oversight rather than empire building. This could make her more open to a transaction.

The recent leadership change as an Interim CEO may create an opportunity for the board to reassess strategy. The company still possesses valuable assets, a recognized brand, pharmacy licenses, and a large customer base with recurring autoship revenue. These attributes could make it attractive to strategic buyers.

Although the board recently declined two acquisition offers in 12/2025, Campbell's priorities as Interim CEO are likely to be stabilizing operations and recruiting permanent executive leadership. The most probable outcome is that the board will first attempt to improve performance while continuing to review all strategic alternatives, as publicly stated in the most recent quarterly results.

Conclusion

The board is uniquely strong for a company of PetMeds' size. Batushansky provides proven direct competitor expertise, backed by hands on operations and company sales. LaCamp contributes financial and strategic discipline. Mennen adds technology and digital commerce experience. And Solivan brings entrepreneurship and M&A knowledge. This is combined with Interm CEO Campbell's background in governance. The board appears built to evaluate a wide range of options.

Additional information on valuation. 

As mentioned earlier, board member Peter Batushansky founded, built, and sold Allivet. He sold it to TSCO in 12/2024 for 135M. Because Allivet was privately owned. Its financial results were not publicly disclosed. But we can attempt to make estimates based on what is known about the transaction.

Tractor Supply (TSCO) bought Allivet for $135 million in cash. Further, TSCO said in a press release following its announcement of the purchase of Allivet. Allivet could generate $1 billion in revenue at full scale. However, it's based on future potential. Allivet served pet owners online as a licensed online pet pharmacy for over 30 years. The exact same businesses as PETS, with headquarters in Florida.

Using the $135M Allivet's sale price. What was Allivet's estimated annual revenue? Pet pharmacies and e-commerce businesses are often bought for 0.5x to 1.5x revenue, or 8x to 15x EBITDA. A valuation of 0.75x revenue means annual sales of $180 million, and 1.0x revenue means $135 million.

Based on these valuation ranges, Allivet's estimated annual revenue is between $100 million and $200 million. Allivet’s annual revenue for 2024 is likely to be less than PETS’ $189M trailing 12 months of revenue. This is an estimate based on acquisition multiples, not a public figure.

The key takeaway is that Allivet appears profitable enough for Tractor Supply to pay $135 million for it. In contrast, PetMed is currently losing money and burning cash. That profitability difference likely explains the valuation gap between the two companies.

PetMeds investors should focus on whether the company can return to profitability. If PetMeds could eliminate its losses and generate $10–15 million annually. PETS could support a valuation closer to Tractor Supply's Allivet. PETS has a market cap of 35M, and owns 35M in Florida real estate with 185M in TTM sales. In theory, if PETS becomes profitable, its market value should be several times higher. However, if losses continue and cash burn persists, the comparison to Allivet isn't meaningful.

Long PETS