Pets At Home Sale Completed

The largest UK pet store chain, Pets at Home, has been acquired by European private equity firm Bridgepoint in a deal worth £230m. The acquisition provides an exit for two minority institutional shareholders, 3i and Intermediate Capital Group, who first invested in Pets at Home in 1995 and 1999 respectively.

Pets at Home was established in 1991 and has grown organically and by acquisition to be the premier retailer in UK pet products, a growing market that is estimated to be worth £2.1 billion annually. The company operates 155 stores, employs 2,700 people and in the year ended March 2004 generated revenues of £218m and earnings before interest, taxes, depreciation, and amortization of £24m. The sale is rumoured to have netted founder Anthony Preston £67 million after reducing his previous majority stake in the business to 33%.

Source: UKPets