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The private equity owner of Asda has snapped up a majority stake in pet retailer Jollyes.<\/p>\n
The deal with TDR Capital will enable the pet specialist to invest in lower prices and accelerate its store opening programme to compete with rival Pets at Home.<\/p>\n
Details of the transaction were not disclosed, but the group’s current owner Kester Capital said the sale delivered a 4.2x return on its initial investment into the business in 2018.<\/p>\n
Under its ownership, the pet retailer’s profits and sales have more than doubled, while its store footprint rose from 64 to 100.<\/p>\n
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\nThe deal, expected to be completed at the end of March, will see former Asda boss and current Poundland owner Pepco chair Andy Bond become non-executive chairman.<\/p>\n
Jollyes chief executive officer Joe Wykes said the business has been “growing at pace over the past two years” and the new investment “will help us build a much bigger stage, accelerating our growth plans and giving us the resources we need to bring more value to more places”.<\/p>\n
\u201cWe look forward to partnering with TDR on the exciting next phase of our growth in the UK,” he said.<\/p>\n
The private equity firm’s managing partner\u00a0Gary Lindsay said: \u201cIn Jollyes, we identified a solid business with excellent foundations and significant potential to grow even more ambitiously in the years to come.<\/p>\n
\u201cThrough our investment, we will deploy our significant retail expertise and support the company in rolling out its store expansion plans even more rapidly, including opening more grooming and veterinary-led community pet clinics.<\/p>\n
\u201cWe are confident that Jollyes can further cement itself in the pet retail sector and increase the competitiveness of the market, which will benefit customers, colleagues and suppliers alike.\u201d<\/p>\n
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The deal, expected to be completed at the end of March, will see former Asda boss and current Poundland owner Pepco chair Andy Bond become non-executive chairman.<\/p>\n
Jollyes chief executive officer Joe Wykes said the business has been “growing at pace over the past two years” and the new investment “will help us build a much bigger stage, accelerating our growth plans and giving us the resources we need to bring more value to more places”.<\/p>\n
\u201cWe look forward to partnering with TDR on the exciting next phase of our growth in the UK,” he said.<\/p>\n
The private equity firm’s managing partner\u00a0Gary Lindsay said: \u201cIn Jollyes, we identified a solid business with excellent foundations and significant potential to grow even more ambitiously in the years to come.<\/p>\n
\u201cThrough our investment, we will deploy our significant retail expertise and support the company in rolling out its store expansion plans even more rapidly, including opening more grooming and veterinary-led community pet clinics.<\/p>\n
\u201cWe are confident that Jollyes can further cement itself in the pet retail sector and increase the competitiveness of the market, which will benefit customers, colleagues and suppliers alike.\u201d<\/p>\n