Cardone Ventures Announces Unsolicited $4.25 Per Share All-Cash Proposal to Acquire PetMed Express

Key Terms

all-cash financial

An all-cash deal is an offer to buy a company or assets using only cash rather than shares or other securities. For investors, it means the seller receives immediate, certain value—like getting cash for a car instead of taking the buyer’s trade-in—so there’s no future share dilution and less exposure to the buyer’s stock volatility, though it may depend on the buyer’s ability to raise the needed funds.

non-binding financial

"Non-binding" describes an agreement or statement that does not legally require the parties involved to follow through with its terms. It’s like a handshake or a written promise that shows intent but isn’t enforceable by law. For investors, understanding whether an agreement is binding or non-binding helps gauge how seriously the parties are committed and how much weight to give to the promises made.

equity value financial

Equity value is the total worth of a company that belongs to its shareholders after subtracting debts and obligations, like the leftover value if you sold everything and paid off all bills. For investors, it shows what all shares combined are worth and helps compare what a stake in the company might be worth today; think of it as the market price of the whole company’s ownership pie.

financing contingency financial

A financing contingency is a clause in a transaction agreement that lets a buyer walk away if they cannot obtain the money needed to complete the purchase. For investors, it signals that a planned deal depends on securing loans or investors, so the agreement may fail and the related company’s value can change; think of it like a home purchase that only proceeds if the buyer gets a mortgage.

due diligence regulatory

Due diligence is the careful investigation and analysis someone conducts before making a decision, such as investing money or entering into an agreement. It’s like researching thoroughly before buying a used car to ensure it’s in good condition; this helps prevent surprises and makes informed choices. For investors, due diligence reduces risk by verifying details and understanding what they’re getting into.

definitive agreement regulatory

A definitive agreement is a formal, legally binding document that outlines the final terms and conditions of a deal or transaction, such as a sale or partnership. It acts like a detailed contract that confirms all parties have agreed on the key details, making the deal official. For investors, it signals that the agreement is settled and moving toward completion, providing clarity and security about the transaction.

MIAMI--(BUSINESS WIRE)-- Cardone Ventures, backed by billionaire investor, Grant Cardone and his business partners Brandon and Natalie Dawson, today announced that it has submitted an unsolicited, non-binding proposal to acquire PetMed Express, Inc. (Nasdaq: PETS) (“PetMeds”) for $4.25 per share in cash, representing an implied equity value of approximately $89 million.

The proposal was delivered to the Board of Directors of PetMed Express and is not subject to any financing contingency, reflecting Cardone Ventures’ confidence in its ability to execute the transaction.

Strategic Rationale

Cardone Ventures views PetMeds as a strategically important acquisition that aligns with its core mission of acquiring, operating, and scaling businesses with strong brands and meaningful growth potential.

PetMeds’ national pet pharmacy platform, customer relationships, fulfillment infrastructure, and regulatory capabilities present a compelling opportunity for operational enhancement under private ownership. Cardone Ventures intends to apply its proven expertise in acquisitions, value creation, leadership development, and execution discipline to improve performance, accelerate growth, and unlock long-term shareholder value.

“PetMed Express has built a trusted brand and valuable operating infrastructure,” said Brandon Dawson, Co-Founder and CEO of Cardone Ventures. “We believe our hands-on operating model, acquisition experience, and disciplined approach to scaling businesses can materially strengthen execution, profitability, and long-term growth.”

Leadership & Sponsorship

The proposal is led by the leadership team of Cardone Ventures, including Brandon Dawson, Natalie Dawson, and Grant Cardone.

Brandon Dawson is a proven expert in leadership, acquisitions, and business scaling with a track record of extraordinary value creation. He previously sold a company he founded for 77x EBITDA. As Co-Founder and CEO of Cardone Ventures, Brandon has helped scale the firm to approximately $225 million in revenue in just five years, overseeing more than $2 billion in assets under management — all without outside capital. His experience leading public and private companies and delivering outsized investment returns has made him a trusted operator and mentor in the $12 trillion small and mid-sized business marketplace.

Natalie Dawson is a leading expert in people development and organizational leadership. As Co-Founder and President of Cardone Ventures, she has played a key role in scaling the firm to $225 million in revenue in under five years. Natalie is the bestselling author of TeamWork and Start The Work and the host of the Building Billions podcast. Her focus on leadership alignment, culture, and team performance has helped organizations build high-performing teams capable of driving sustained, scalable growth.

Grant Cardone has raised over $2 billion for his investment funding endeavors, and is a globally recognized entrepreneur, investor, and business leader with decades of experience building and scaling companies across real estate, financial services, media, and operating businesses. He is the Founder and CEO of Cardone Capital, manages over $5 billion of assets and is a New York Times bestselling author, widely known for his focus on disciplined execution, sales excellence, and long-term value creation.

“I’ve followed the PetMeds business closely for more than five years and have long believed the company represents a strategically valuable platform with strong brand equity, infrastructure, and customer relationship, " said Brandon Dawson. We believe Cardone Ventures’ experience in scaling businesses, driving operational discipline, and creating long-term value can meaningfully benefit PetMeds as it enters its next chapter."

Key Terms of the Proposal

• Offer Price: $4.25 per share in cash
• Transaction Type: Acquisition of all outstanding shares of PetMed Express
• Financing: No financing contingency
• Conditions: Customary due diligence, definitive agreement, and required approvals

The proposal is non-binding, and there can be no assurance that a definitive agreement will be reached or that the transaction will be consummated.

About Cardone Ventures

Cardone Ventures is a business growth and scaling firm that partners with companies to improve performance, profitability, and long-term enterprise value. The firm applies proven operating systems, sales and marketing optimization, leadership development, and execution discipline to help businesses scale efficiently and sustainably.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding a potential transaction between Cardone Ventures and PetMed Express. These statements are subject to risks and uncertainties, and actual outcomes may differ materially. There can be no assurance that a transaction will be consummated.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251216526935/en/

Media & Investor Inquiries:

Izach Porter

Managing Director

Cardone Ventures

iporter@cardoneventures.com

Source: Cardone Ventures