Pets At Home almost sold

Pets At Home chairman Anthony Preston

European private equity group, Bridgepoint appears to have clinched the deal against fierce opposition, to purchase Pets At Home. According to reports, completion of the sale of the UK's largest pet superstore chain will be completed within the next couple of weeks.

Bridgepoint fought off bids from other shortlisted investors by raising its offer to around £235m, £35m above the original asking price. Competition for the business included bids from Luc Vandevelde, (former Marks & Spencer chairman), HG Capital, Montagu Private Equity, JP Morgan and Cinven.
Pets At Home chairman Anthony Preston is expected to net well over £100m from the deal. It is likely that he will reinvest in the company and remain in place as chairman.

As previously reported elsewhere, Anthony Preston has major plans to develop a new chain of smaller high-street pet stores across the country over the next 5 years.

Source: PETS International Magazine