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  "documentTitle": "PetIQ, Inc. (PETQ)",
  "authorId": "54_Spruce_Point_Capital",
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  "presentationDate": "2019-04-30 00:00:00",
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  "notes": "The slide uses a structured argument format to dismantle management's growth narrative.",
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      "kind": "callout",
      "text": "The economics which motivated the VIP acquisition are at risk of being wiped out - and, with it, PetIQ's outsized profitability.",
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      "text": "1. VIP’s legacy veterinary business and PetIQ’s planned health and wellness centers do not appear to represent an attractive growth opportunity\n2. A close relationship between PetIQ and VIP allowed PetIQ to generate greater sales and higher margins\n3. Merial appears to have helped to facilitate the PetIQ-VIP relationship to support retail sales, but may no longer need it",
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      "kind": "paragraph",
      "text": "Spruce Point believes that PetIQ acquired VIP to forge more direct relationships with drug manufacturers... If PetIQ acquired VIP not for the wellness center growth opportunity... what value does the acquisition really bring?",
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      "kind": "title",
      "text": "Conclusion: What Real Value Does The Acquisition Generate Today?",
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