1、THE DEAL HOUNDExplore M&A Activity,Capital Market Conditions and Current Trends for the Pet Industry1H 2024Investment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.720.221.9220|SDRVENTURES.COMTHE DEAL HOUND1H 2024 1H 2024|VOL 16|ISSUE 1720.221.9220|SDRVENTURES.COMInves

2、tment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND 1H24:WHAT TO KNOW TheresTheres moneymoney in in veterinaryveterinary care,care,likelike allall medicine,medicine,butbut withoutwithout thethe samesame risksrisks andand costlycostly barriersbarr

3、iers toto entryentry.PrivatePrivate equityequity hashas takentaken noticenotice andand is is activelyactively pursuingpursuing bothboth smallersmaller chainschains andand independentindependent veterinaryveterinary practices,practices,buildingbuilding scalescale andand addingadding servicesservices

4、andand newnew technologiestechnologies.EvenEven asas thethe costcost ofof vetvet carecare increases,increases,petpet loverslovers remainremain dedicateddedicated toto theirtheir furryfurry friendsfriends.AtAt whatwhat pointpoint dodo theythey turnturn in in largelarge numbersnumbers toto petpet insu

5、ranceinsurance forfor stability?stability?PerhapsPerhaps a a tellingtelling sign,sign,globalglobal insuranceinsurance giantsgiants areare gettinggetting intointo thethe gamegame.PetsPets arentarent goinggoing anywhere,anywhere,drivingdriving a a growinggrowing spacespace thatthat continuescontinues

6、toto showshow activityactivity throughthrough mergersmergers andand acquisitionsacquisitions.PetPet CareCare ConsolidationConsolidation DrivingDriving Costs,Costs,Profits,Profits,AndAnd InsuranceInsuranceIf inflation,worries about the economy,or a slowdown(at last)in the red hot labor market gave re

7、ason for consumers cut back on spending,you wouldnt know it in the pet products and services market.Premiumization continued its march in the space and consumers continued to spend,even if they werent thrilled about it,as prices for non-discretionary pet products and services are still rising faster

8、 than other consumer prices.“Petflation”refuses to sit.Bad dog.1,2 While pet products and pet food prices climbed,the bigger story may be the rising cost of veterinary care,as private equity cash and corporate rollups caged smaller chains and independent care facilities.Owners are being offered incr

9、easingly complex and costly care options,including pet chemotherapy,cardio care,precision imaging,molecular diagnostics,and robotic surgical options.If the goal is to extract more kibble from pet owners pockets,the industry isnt shy about it.As one vet-centered platform noted in a blog item,“this ar

10、ticle discusses how you can use the latest veterinarian technology and trends to grow your veterinary business!”2,3 Earlier this year,as the Consumer Price Index(CPI)continued show signs of cooling,veterinary care inflation was pushing 10%as Americans spent more than$38 billion on pet healthcare in

11、2023,rocketing from$29 billion annually just four years ago.And while we are in whats been called the era of“Big Vet”acquisitions,consumers may not even know whats going on behind the scenes as many acquiring operations continue to leave the original name of the practice on the door.But make no mist

12、ake,corporate involvement is driving up consumer prices.A veterinarian told The Atlantic magazine that after an acquisition,there is pressure to upsell clients.“You dont always need to take X-rays on an animal thats vomited just one2Established in 2002,SDR Ventures has developed deep M&A and capital

13、 transaction knowledge and expertise.SDR offers transaction advisory,private capital formation and business consulting services across a wide range of industries.We serve business owners and operators of privately held companies and provide them with a professional-class experience.ABOUT SDRTransact

14、ion ActivityActive BuyersPublic BasketM&A Market ActivityAbout SDR VenturesDEAL HOUND CONTACTSCONTENTSThe information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive.It is not to be construed as an offer or consultation o

15、f an offer to sell or buy any securities.Ben PaddorBen PaddorAssociatePet TLogan BohlenderLogan BohlenderVice PresidentPet TScott MitchellScott MitchellManaging DirectorPet T720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.TH

16、E DEAL HOUND1H 2024 1H 2024|VOL 16|ISSUE 13time,”the vet told the magazine.“But there was more of that going on.”4To help with the increasing sophistication,and cost,of pet care,insurance for pets is getting attention both from consumers and from insurance providers.5 As a recent study published in

17、the Journal of the American Veterinary Medical Association finds,“Big Vet is changing the face of veterinary medicine.”It appears that opportunities in both veterinary care and pet insurance may be boosting each other and fueling M&A activity in both.6 Change is happening before our eyes.WhosWhos A

18、A GoodGood PetPet Parent?Parent?WhosWhos A A GoodGood PetPet Parent?Parent?Never mind the costs,pet owners continue to spend.Maybe they arent thrilled,but spend they do.Pet owners report shelling out dough on doggie backpacks,pet lifejackets,and dog sunscreen;up to$60 a night for boarding;and even c

19、ostly medical procedures including ACL surgery,MRI exams,and pacemakers.And they spend even when they dont have the money,racking up debt with interest as high as 30%.Some pet owners now advise families to build a“pet emergency fund”to cover costs,much like how financial advisors press human clients

20、 to build their own emergency fund should they lose a job or be hit with unexpected costs.7,8,9,10 In the United States alone,even as Americans spent an estimated$38 billion on vet care and services last year,there appears to be no end in sight with an expected continued compound annual growth rate(

21、CAGR)in the sector of nearly 5%.Globally,look for a CAGR of more than 6%by 2030.11 With a bright future,veterinary care and care centers have caught the eyes of investors(along with other specialty pet servicing ventures).Follow the money.We all know candy maker Mars for its treats such as M&Ms,Skit

22、tles,and Snickers.But Mars veterinary health arm has been gobbling up vet clinics for decades,making it the biggest corporate pet health buyer in the U.S.Not satisfied with its pet food brands(Pedigree,Whiskas,Kal Kan)the famously shy company has amped up its acquisitions of veterinary care and emer

23、gency pet clinics,including the massive VCA veterinary care chain.Of Mars global workforce,nearly half work under Mars Veterinary Health.12 And its not just corporations that have noticed the profitability of veterinary and pet care services.Since the COVID-19 pandemic,private equity has taken an in

24、terest.PE groups have been involved in at least four major deals in 1H24 with more expected at EBITDA multiples of up to 20 x,including investments in Ohio-based pet emergency and specialty care provider MedVet Associates.Veterinary clinics remain a space that is largely fragmented that offer invest

25、ors a repeat-business model that is mostly cash-pay where,for many pet owners,care for their furry family members is not discretionary.Whether they want to or not,pet owners spend whatever it takes,and new PE owners arent shy about getting the most out of their investment.In some cases,through rollu

26、ps,investors can even corner a regional market.As one veterinarian explained in an interview,“These funds are seeing veterinary medicine as a good profit center.”To be fair,investors note they provide an infusion of capital to grow a practice,provide better benefits for employees,are often willing t

27、o adapt to a practices existing culture and feel,and help care providers by taking on the mundane duties of running a business,allowing veterinarians and technicians to focus on what they truly love,caring for pets.13,14,15,16 Rollups across the field of veterinary medicine are happening.Thats just

28、a fact.Even the practice made famous in British author and veterinarian James Herriots classic“All Creatures Great and Small”has been rolled up.4 ReassuranceReassurance WithWith PetPet InsuranceInsuranceIf prices are up,competition is down,and pet owners are increasingly“humanizing”their fur babies,

29、whats a logical next step?Maybe pet health insurance?(Spoiler alert:not maybe,definitely).In 2023 the global pet insurance market was valued at nearly$11 billion,and by some accounts it is expected to experience up to 17%CAGR through this decade.Private equity and global corporations are taking noti

30、ce and making moves.The industry is eyeing increased consumer awareness,advances in care management technology,growing investment interest,and a pretty attractive market with room for growth,as in the United States its estimated only about 3%of pet owners currently have pet insurance.17,18720.221.92

31、20|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND1H 2024 1H 2024|VOL 16|ISSUE 14The industry reported 22%year-over-year revenue growth in 2023,pushing$4 billion,across North America,the fifth year in a row of at least 20%

32、year-over-year growth.North American Pet Health Insurance Association leaders are expressing optimism for continued growth as rising veterinary costs pressure pet owners just as few people relish the idea of paying for their own medical care out of pocket.Compared to the cost of pet care,the industr

33、y argues the average pet accident and illness insurance premium$675 a year or$56 a month for dogs,and$383 a year or$32 a month for cats is an affordable option(consider the average monthly cable/internet bill is nearly$120 a month).19,20 Advances in policy and claims management technology,standardiz

34、ation of billing codes,increased consumer awareness,rising veterinary costs,and strategic partnerships within the sector bode well for the field,industry groups say.We feel its an area worth watching.21 GoGo GetGet YourYour BallBall:MergersMergers&AcquisitionsAcquisitions In April,Chubb,a global ins

35、urance carrier with operations in 54 countries announced the acquisition of Healthy Paws,a U.S.based pet insurance carrier,from global professional services carrier AON plc.Chubb has been the underwriter of Healthy Paws for the past decade.The pet insurer covers more than 500,000 dogs and cats in th

36、e United States.The deal extends Chubbs reach into what has been described as a lucrative niche market for the carrier.A Chubb spokesman said the service will protect pet owners from the rising cost of veterinary care.Terms of the deal were not immediately released.22,23,24 Earlier in the year,Canad

37、ian tech holding company Tiny Ltd.,through its private partnership Tiny Fund,acquired pet product wholesaler WholesaleP(WSP)in a cash deal valued at more than$9 million.WSP is one of the largest digital B2B pet wholesale marketplaces in the U.S.serving boutique pet stores and pet service providers i

38、ncluding boarding and grooming.WSP operates as a marketplace and does not itself carry inventory and reports it has more than doubled its gross merchandise volume over the past 10 years.Tiny Fund purchased WSP from the e-commerce company Emerge.25 And as 1H24 closed,in June Belgiums United Petfoods

39、made its entry into the U.S.market,acquiring an Indiana pet food production plant from Wellness Pet Company.United Petfoods said the deal was a“landmark moment”for the company which gains a foothold in the U.S.which the company said was a“key market.”United Petfoods is a private label producer of dr

40、y and wet pet food,biscuits,and snacks,exported to more than 95 countries.26,27 TheThe LaserLaser DotDot:ChasingChasing A A BusyBusy SectorSectorWere watching a couple of interesting and potentially related trends in 2024,trends that will continue to be worth our attention in the years ahead.Funny h

41、ow two seemingly distant things,veterinary practice rollups and insurance,are coming together.As private equity takes interest in veterinary care largely a non-discretionary cash-pay medical field with a relatively low malpractice liability risk its natural investors would seek to expand services an

42、d maximize returns.At the same time,devoted pet owners committed to their pets health are being stretched by rising costs.And pets will continue to do unexpected things,like getting bitten by rattle snakes or“messing around and finding out”with porcupines,pushing pet owners toward pet insurance poli

43、cies.When massive insurance players such as Chubb and Nationwide(which recently unveiled a cobranded pet insurance service with Petco)put skin in the game,its worth our attention.28,29 Of course,nothing this seismic goes unnoticed by Uncle Sam.The Federal Trade Commission(FTC)has taken an interest i

44、n not only large veterinary care acquisitions,but also smaller“stealth”acquisitions of individual practices.It has been noted,the FTCs interests may extend beyond the impact on veterinary care to include the relationship between veterinary care companies and pet medical device makers and pet insuran

45、ce providers.But while the FTC has been active under the current presidential administration,the outcome of the election in 2H24 could alter the environment.Just another wrinkle to follow.30,31720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Membe

46、r FINRA and SIPC.THE DEAL HOUND1H 2024 1H 2024|VOL 16|ISSUE 15To be sure,the trend of pet humanization isnt limited to vet visits and their cost.Pet owners continue to spend on a variety of premium pet pampering services and items,which is what makes the sector so fascinating,and perhaps enticing,fo

47、r investors.This year weve seen online consumer pet product peddler Chewy chase its old owner PetSmart into the pet medicine field with brick-and-mortar care centers.Pet products,from organic foods to luxury collars and bedding to wearable pet health tech continue to capture consumer attention.How h

48、igh can it all go?Maybe the sky truly is the limit as pet“care package”subscription company Bark Box recently launched“Bark Air”pet charter flights,so Mr.Bigguns doesnt have to fly in the belly of an airplane.32,33,34 As pet owners continue to spend,we believe investors will continue to chase those

49、dollars like SQUIRREL!720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND1H 2024 1H 2024|VOL 16|ISSUE 16TRANSACTIONS BY SEGMENTTRANSACTIONS BY TYPETRANSACTION ACTIVITY5 or more transactions3-4 transactions1-2 tran

50、sactions0 transactionsSource:PitchBook Financial Data and Analytics Note:This data represents recorded transactions only and is not all-inclusive.Nevertheless,they are typically representative of the industry.TRANSACTIONS BY LOCATION GeoNames,Microsoft,TomTomPowered by Bing4 3 1 2 5 11 17 4 -5 10 15

51、 20Pet Food andTreatsRetailersHard GoodsCo-PackersAnimal HealthVeterinaryServicesPet Care ServicesPet TechStrategic30%Financial70%If You Are a Business Owner Looking for Additional Transaction Activity If You Are a Business Owner Looking for Additional Transaction Activity Within Your Industry,Pleas

52、e Call Our Offices at 720.221.9220.Within Your Industry,Please Call Our Offices at 720.221.9220.720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND1H 2024 1H 2024|VOL 16|ISSUE 1FIRMSELECT SUBSIDIARY BRANDS7ACTIVE

53、BUYERSMOST ACTIVE STRATEGIC BUYERSSELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGSSource:PitchBook Financial Data and Analytics Note:This data represents recorded transactions only and is not all-inclusive.Nevertheless,they are typically representative of the industry.FIRMPLATFORM COMPANYSELECT SUBSID

54、IARY BRANDS720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND1H 2024 1H 2024|VOL 16|ISSUE 18PET SEGMENTS VS.S&P 500Segment Market Cap Performance Running 12 MonthsPET FOOD AND TREATSSource:PitchBook Financial Dat

55、a and AnalyticsRETAILERSPUBLIC BASKET-35%-25%-15%-5%5%15%25%Jun-23Jul-23Aug-23 Sep-23Oct-23 Nov-23 Dec-23Jan-24Feb-24 Mar-24 Apr-24 May-24 Jun-24Pet Food&TreatsRetailersHard GoodsAnimal HealthS&P 500720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC

56、,Member FINRA and SIPC.THE DEAL HOUND1H 2024 1H 2024|VOL 16|ISSUE 19PUBLIC BASKET(CONTINUED)HARD GOODSANIMAL HEALTHSource:PitchBook Financial Data and Analytics720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND1H

57、 2024 1H 2024|VOL 16|ISSUE 154%42%29%42%10%11%22%13%36%47%49%45%42%42%29%30%11%9%12%8%47%49%60%62%36%37%29%27%9%5%10%11%55%58%61%62%39%36%32%23%7%10%6%6%54%55%63%71%0%20%40%60%80%100%$10-25mm$25-50mm$50-100mm$100-250mm$10-25mm$25-50mm$50-100mm$100-250mm$10-25mm$25-50mm$50-100mm$100-250mm$10-25mm$25-

58、50mm$50-100mm$100-250mmSenior DebtSub DebtEquity10U.S.M&A ACTIVITY SNAPSHOTSource:GF DataSource:GF DataOVERALL U.S.M&A ACTIVITYNote:The most current source of GF Data is as of May 2024.LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTION MULTIPLESEBITDA Multiples By Transaction SizeCAPITAL BREAKDOWN LOWER

59、 MIDDLE MARKET PRIVATE EQUITY TRANSACTIONSSource:PitchBook Financial Data and Analytics$0.0M$100.0B$200.0B$300.0B$400.0B$500.0B$600.0B1,3002,3003,3004,3002023 Q22023 Q32023 Q42024 Q12024 Q2Deals ClosedDeals ClosedCapital Invested5.9x6.1x6.8x6.1x6.8x7.0 x7.3x7.5x8.0 x8.3x8.8x8.6x9.0 x9.4x10.0 x8.5x0.

60、0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x202120222023YTD 2024$10-25mm$25-50mm$50-100mm$100-250mm202120232022YTD 2024720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND1H 2024 1H 2024|VOL 16|ISSUE 111SDR SERVICE OFFERING

61、SPRIVATE CAPITAL FORMATIONSELL-SIDE ADVISORYBUY-SIDE ADVISORYEXIT PREPARATIONCOMPREHENSIVE PET EXPERTISEThe pet industry has become a hot space in recent years,but we have been involved in the industry for over a decade.Our experience and drive have placed us at the leading edge of information in th

62、e market,giving you an advantage when the time comes to buy,sell or seek investments to grow your pet-related business.Our pet industry investment banking expertise includes the following segments:SELECT TRANSACTION EXPERIENCESDR has completed numerous transactions throughout the pet industry,includ

63、ing:CONTACT US Pet Food Retailers Hard Goods Animal Health Veterinary Services Pet Care Services Co-Packers Pet Treats Pet TechLogan BohlenderLogan BohlenderVice PresidentPet TScott MitchellScott MitchellManaging DirectorPet T720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Thro

64、ugh SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND1H 2024 1H 2024|VOL 16|ISSUE 1ADDITIONAL REFERENCES121.“ADP:Labor Market Cools As Employers Add 150,000 Jobs,”U.S.News,Tim Smart,Jul.3,2024 https:/ 2.“Report:Petflation Outpacing National Inflation Rate,”Pet Age,staff,Feb.16,2024 https:

65、/ Changing Technology I Helping Veterinary Medicine and Practice,”Vetport,Tom Molloy,accessed Jul.4,2024,https:/ 4.“Why Your Vet Bill Is So High,”The Atlantic,Helaine Olen,Apr.25,2024,https:/ Insurance Market Set For Double-Digit Growth,”Insurance Business Magazine,Kenneth Araullo,May 20,2024 https:

66、/ 6.“Differences In Perceptions And Satisfaction Exist Among Veterinarians Employed At Corporate Versus Privately Owned Veterinary Clinics,”Journal of the American Veterinary Medical Association,Lori R.Kogan and Mark Rishniw,Jun.14,2024,https:/avmajournals.avma.org/view/journals/javma/261/12/javma.2

67、3.06.0326.xml 7.“Snake Bites,Pacemakers And Hotel Stays:The Surprising Costs Of Dog Ownership,”Wall Street Journal,Madison Conte,Feb.11,2024 https:/ Still Paying:How Pets Became A Big Business,New York Times via Yahoo,Katie Thomas,Jun.24,2024 https:/ 9.“Heres How Much Americans Are Spending on Their

68、 Pets in 2023 How Do You Compare,”Nasdaq,Yal Bizouati-Kennedy,Nov.3,2023 https:/ 10.“How Much Money You Actually Need In An Emergency Fund:Its Essential To Strike A Balance Between Ambition And Practicality,“CNBC,Ryan Ermey,Jun.27,2024 https:/ Spending Statistics,”Capital One,May 20,2024,https:/ Mak

69、er Mars Is The Biggest Vet Provider In The Country:Inside Its Sprawling Operation,”Yahoo Finance via Fortune,Luisa Beltran,Jun.10,2024 https:/ 13.“Vet Care Sees Strong PE Demand:4 Deals Announced In 2024 With More To Come,”PE Hub,John R.Fischer,Jun.21,2024 https:/ Banking and Securities Offered Thro

70、ugh SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND1H 2024 1H 2024|VOL 16|ISSUE 1ADDITIONAL REFERENCES(CONTINUED)1314.“MedVet Receives Financing To Support Continued Growth In Specialty Healthcare For Pets,”Yahoo Finance via GlobalNewswire,Jun.25,2024 https:/ 15.“Vets Fret As Private Eq

71、uity Snaps Up Clinics,Pet Care Companies,”Stateline,Anna Claire Vollers,Mar.29,2024 https:/stateline.org/2024/03/29/vets-fret-as-private-equity-snaps-up-clinics-pet-care-companies/16.“An Overview Of Private Equity Investment In Veterinary Services,”AmeriVet,Oct.2,2023 https:/ Investments In The Pet

72、Insurance Sector,”GlobalPetI,staff,Jun.24,2024 https:/ Pet Insurance Sector In Perspective,”GlobalPetI,staff,Sep.1,2023,https:/ 19.“North American Pet Health Insurance Industry Continued Exceptional Growth Rate In 2023,”North American Pet Health Insurance Association,Apr.10,2024 https:/naphia.org/ne

73、ws/soi-report-2024/20.“Cable And Internet Bills Add Up To$1,161 Per Year Are You Getting A Good Deal?”Yahoo Finance via Go Banking Rates,Dawn Allcot,Jul.6,2024 https:/ Insurance Market Future Trends And Opportunities,Past,Present Data,And Deep Analysis By Emergen Research,”Insurance News Net,staff,J

74、ul.1,2024 https:/ 22.“Chubb To Acquire Healthy Paws,A Leading Pet Insurance Provider,”Chubb news release,Apr.22,2024 https:/ 23.“Chubb To Buy Pet-Insurance Provider Healthy Paws From Aon,”Morningstar via Dow Jones,Colin Kellaher,Apr.22,2024,https:/ 24.“Latest Investments In The Pet Insurance Sector,

75、”GlobalPetI,staff,Jun.24,2024 https:/ 25.“Tiny Completes Acquisition Of WholesalePet,”BusinessWire,news release,Jan.31,2024 https:/ United Petfood Enters US With New Plant,United Petfoods Said Its US Entry Is A Landmark Moment,”Just Food,Eszter Racz,Jun.7,2024 https:/www.just- P,accessed Jul.4,2024

76、https:/www.unitedpetfood.eu/en/about-us720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.THE DEAL HOUND1H 2024 1H 2024|VOL 16|ISSUE 1ADDITIONAL REFERENCES(CONTINUED)1428.“Veterinarian Malpractice:Can I Sue My Veterinarian For

77、Malpractice?”L,E.A.Gjelten,Sep.25,2024 https:/legal- And Nationwide Launch Co-Branded Pet Insurance Product On Petco.Com,”P,news release,Jan.23,2024 https:/ Enforcement And Consolidation In Veterinary Medicine,”Private Equity Stakeholder Project,staff,Feb.13,2024 https:/pestakeholder.org/news/antitr

78、ust-enforcement-and-consolidation-in-veterinary-medicine/31.“Extremely Vigorous:Biden Takes On Monopolies Like Ticketmaster Far More Aggressively Than Trump,”Salon,Nicholas Liu,Jun.13,2024 https:/ Opens First Brick-And-Mortar Veterinary Practice,”PetB,Apr.2024 https:/ Pet Industry Trends 2024:Forecasting The Future Of Pet Care,”Global Sources,staff,May 23,2024 https:/ Next Big Delivery:Charter Flights For Dogs,”Yahool Life via Washington Post,Andrea Sachs,Apr.11,2024 https:/