Australia’s Woolworths To Take 55% Stake In Pet Food Retailer Petspiration
Australian supermarket chain Woolworths Group Ltd has announced plans to acquire a 55% stake in pet food and services retailer Petspiration Group for A$586 million (€375.3 million) in cash.
Petspiration is the owner and operator of retail brand PETstock, and has a network of 276 stores across Australia and New Zealand. The company has an enterprise value of about A$1.7 billion (€1.09 billion).
“Specialty pet is a large and growing retail segment in which we have limited presence,” Woolworths Group CEO Brad Banducci said. He added the company was confident of a “strong” return on the investment for its shareholders.
“The partnership will allow us to meet more of our customers’ pet family needs with a complementary range of specialty pet
products and services, strengthen the Everyday Rewards loyalty program and unlock opportunities for material value creation across both businesses,” he added.
Woolworths said it will fund the Petspiration deal with proceeds raised from a recent 5.5% stake sale in alcohol retailer Endeavour Group.
The grocer has been looking for newer avenues since growth in grocery shopping has slowed as people return to eating in cafes and restaurants, while surging inflation and cost pressure dent its bottomline.
The Petspiration deal, which is subject to certain regulatory approvals, is expected to complete in mid 2023.
Related news
Australia improves grain harvest forecast
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >Australia is the winner of the tariff war – Australian beef, wine and wheat may be cheaper in the US market
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >Euromonitor International 2025: everything for your pet!
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >Related news
Export champion with innovation in the sugar market curve – Budapest industry roundtable on the competitiveness of confectionery manufacturers
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >MOL Fresh Corner turns 10 – from Olympic champions to Tankcsapda, everyone celebrates the country’s most popular hot dog
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >Lidl is organizing an exclusive customer party in one of its Budapest stores
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >