Australian pet store chain acquires Petstock’s locations

The company believes that the deal, which is expected to be completed by 1 July 2024, will “reshape the country’s pet specialty retail offering.”

PetO will expand its current network of 17 stores in New South Wales to 58 locations across Victoria, Western Australia, Queensland and Tasmania. The vet clinics will be absorbed under the Our Vet brand, and according to the company, they will continue offering pet owners specialized in-house services and products. 

“We couldn’t think of a more exciting time to be expanding across the country,” says Co-founder Nick Greenhalgh. Thanks to the acquisition, the retailer expects to triple its revenue to A$200 million ($132.2M/€122.3M).

PetO is a family-owned business established in Sydney by brothers Nick Greenhalgh and David Rowe in 2006. Once the deal is complete, the company will become the third biggest pet retailer in Australia after Petbarn and Petstock.

Competition approval

The move comes after Woolworths acquired 55% of Petspiration, the owner of Petstock, in 2022.

After launching an investigation into the sale, the Australian Competition and Consumer Commission (ACCC) admitted in December 2023 that the takeover of the pet retailer chain was “unlikely” to substantially lessen competition. A few months ago, the ACCC approved Woolworth’s stake acquisition, and the company was obliged to divest 66 of its locations. 

The competition watchdog has now approved PetO as the purchaser of the business to be divested.

“Petstock’s undertaking requires Petstock to ensure that the business to be divested is sold to an ACCC-approved purchaser that will result in the creation or strengthening of a viable, effective, stand-alone, independent and long-term competitor in pet specialty retail on both a national basis and in local markets of concern,” an ACCC spokesperson tells GlobalPETS.