Pet Valu Acquired

Canada's biggest pet product retailer, Pet Valu, has been acquired by affiliates of Roark Capital Group, an Atlanta-based private equity firm. As a result of the transaction, which is valued at approximately $144 million, Pet Valu goes from a publicly traded to a private company.

In connection with the acquisition, Tom McNeely has replaced Pet Valu founder Geoffrey Holt as the company's CEO. A Canadian resident with extensive experience in franchising, specialty retail and distribution, McNeely has formerly served as executive vice president and CFO of Tim Hortons, Canada's leading retail franchisor and distributor. In addition, Steve Romaniello, managing director of Roark, and Russ Reynolds, CEO of Roark portfolio company Batteries Plus, have joined the Pet Value board.

"We believe this transaction is in the best interests of our shareholders and also represents a promising opportunity for our customers, employees and franchisees," said Pet Valu's departing chairman, C. Ian Ross. "Roark brings to Pet Valu deep experience investing in franchise and specialty retail businesses, and we have every confidence that, under Roark's guidance, Pet Valu will continue to grow and thrive in the future."

Founded in 1976 and headquartered in Markham, Ontario, Pet Valu is Canada's leading small-format specialty retailer and wholesale distributor of pet food and pet-related supplies, with $230 million in system sales across 295 corporate and franchised stores in Ontario and Manitoba, and 61 U.S. stores located in Pennsylvania, New Jersey, Maryland and Virginia. Pet Valu's products include dog, cat and other pet foods as well as non-food products such as collars, leashes, pet cages and toys.

For more information, visit www.petvalu.com