Sanlam PE to exit Absolute Pets to Woolworths
South African retailer Woolworths has announced its intention to acquire 93.45% of the shares in pet retailer Absolute Pets, from Sanlam Private Equity and the company’s management.
For the best experience and to access our Connect industry chat platform, download the Africa Private Equity News app: Android | iOS
South African retailer Woolworths has announced its intention to acquire 93.45% of the shares in pet retailer Absolute Pets, from Sanlam Private Equity and the company’s management.
Absolute Pets was established in 2005 and has become one of South Africa’s largest pet care retailers, with over 150 stores nationwide.
”Pet care is an attractive and rapidly-developing market, with substantial growth potential. It is also an increasingly important category for Woolworths customers, who consider their pets an integral part of their families. Absolute Pets has a complementary brand positioning, a well-established market presence, and is led by a strong management team. The acquisition of Absolute Pets will accelerate Woolworths’ pet strategy by bringing together two strategically-aligned businesses, and position the Woolworths group well to become the end-to-end pet care destination of choice in South Africa,” Woolworths said in a statement.
The remaining management-retained shareholding will be acquired by Woolworths over an agreed period, post the completion of the transaction.
The purchase consideration will be settled in cash, and the conclusion of the transaction is subject to the fulfilment of both regulatory and commercial suspensive conditions, including the approval by the competition authorities of South Africa.
* Subscribe to Africa Private Equity News’ monthly Dealmaker’s Log for a database of the reported investment deals, exits and fundraising closes. Click here for more information.