The Sydney-based Woolworths Group has entered into an agreement to acquire a 55 per cent equity interest in Petspiration Group, a leading Australian and New Zealand speciality pet retailer, for a cash consideration of 586 mio Australian dollars (ca. 401.7 mio US dollars). Petspiration is the owner and operator of leading pet brand Petstock and has a network of 276 stores, established e-commerce platforms such as Pet.co.nz and a strong own brand range.
Petspiration bosses Shane and David Young (and other existing shareholders) will retain a 45 per cent equity investment in the business and continue as CEO and managing director respectively, running Petspiration as a stand-alone business with Woolworths Group under a separate board and governance structure.
Woolworths Group, considered the largest company in Australia by revenue, owns the biggest supermarket and grocery store chain in the country, with around 3 200 stores across Australia and New Zealand.
