Wednesday, June 19, 2024

PetO acquires stores from Woolworths-backed pet group

Australian independently owned pet specialty store PetO has announced the acquisition of 41 new retail stores and 25 vet clinics. This “landmark move” will reshape the country’s pet specialty retail offering, “establishing the Sydney-based business as a clear and credible third player in the rapidly growing market, alongside Petbarn and Petstock,” according to the company.

As part of the national expansion, PetO will absorb and operate the renowned brands Best Friends, Our Vet, My Pet Warehouse and Pet City.

The acquisition follows a court-enforced divesture notice delivered by the Australian Competition and Consumer Commission (ACCC) to Petstock and Woolworths, following “anti-competitive behaviour in the market.”

As a result of the acquisition, PetO will grow from 17 NSW based stores to 58 retail stores across the country, bringing its commitment to quality customer service and unparalleled choice to an entirely new customer base in Victoria, WA, Queensland, and Tasmania.

PetO anticipates its revenue to “triple because of the acquisition and is expected to climb to circa $200 million in the next financial year.”

Established by brothers Nick Greenhalgh and David Rowe in 2006, PetO is a family-owned and operated business, which has become an established brand in the Sydney region.

Co-Founder Nick Greenhalgh says the expansion comes at the perfect time for PetO.

“Australia is right now experiencing record levels of pet ownership and increased demand for pet products,” Mr Greenhalgh said. “We couldn’t think of a more exciting time to be expanding across the country.”

“At PetO, we think of ourselves as the cat and dog specialists. We know your furry friend is more than just a pet, they’re a member of your family – that’s why our business is centred around exceptional customer experience and expert advice. We’re thrilled to bring PetO ‘s passion for pets to new customers nationwide.”

As part of the national expansion, the PetO team will grow “tenfold” to 1000 staff. Existing staff from the acquired stores will be retained, while additional positions will be created within a new support team.

PetO will continue to operate its acquired businesses under their existing brands throughout the transitional period.

“We respect these brands, they have worked hard to develop strong recognition and their people are experts in their field,” said Mr Greenhalgh. “We are approaching the integration with curiosity and in consultation with the wider team, so we look forward to going on this journey together.”

As part of the acquisition, PetO will also absorb 25 vet clinics under the Our Vet brand. These businesses will continue to offer specialised in-house services and products to pet owners in Queensland, Victoria, and NSW.

“This is an exciting new beginning for the Our Vet clinics, and we are thrilled to be continuing to offer our services to our loyal and dedicated customers.”

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