Woolworths’ acquisition of a major stake in PETstock has yielded a third beneficiary, PetO, which has its own ambitions of being a major player in the pet store landscape.
Woolworths’ $586 million bet on man’s best friend has triggered a shift in Australia’s pet store landscape, allowing a family-owned business from Sydney to triple its business and scoop up 66 new retail stores and vet clinics.and ultimately approved in December after PETstock offered to divest 41 stores and 25 vet clinics. All of these have now been bought by PetO, a network of 17 stores that began in Sydney’s northern beaches, for an undisclosed sum.
Many of these stores currently trade under the Best Friends, My Pet Warehouse and Pet City brands, which PETstock had previously acquired. The pair hopes the acquisition will be completed by July 1. They will use the first 120 days to visit new stores and assess key priorities.
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