Pet health and wellness company PetIQ Inc. acquired HBH Enterprises LLC for $500,000 in cash and 400,000 class B common shares.

Privately held HBH Enterprises develops and manufactures specialty pet supplements and treats in Springville, Utah. PetIQ agreed to repay certain HBH Enterprises debt.

"We are excited to welcome HBH to the PetIQ team after working together for several years," PetIQ Chairman and CEO Cord Christensen said in a news release. "The acquisition of HBH provides PetIQ with complete strategic control of our manufacturing organization and we believe this improved business structure will enable us to accelerate growth in this important category," Christensen added.

Eagle, Idaho-based PetIQ does not expect the transaction to materially impact its fourth-quarter earnings.