Is Australian conglomerate Wesfarmers closer to acquiring Greencross?
The Perth-based firm hit AU$43.5 billion ($2.24B/€2.12B) in revenue in FY23 and already has a presence in the pet sector.
Australian conglomerate Wesfarmers is reportedly exploring the acquisition of Greencross, an Australian company that owns Greencross Vets and pet retailer Petbarn.
News outlet The Australian implied that the deal is being seriously considered, given that Westfarmers has hired investment bank Barrenjoey. The acquisition has reportedly been valued at around AU$3.5 billion ($2.24B/€2.12B).
A spokesperson of Westfarmers told GlobalPETS that they are not commenting on any development. “We have a policy of not commenting on rumor or speculation. We have not made any comments about this speculation.”
Acquisition plans
Currently, pension firm AustralianSuper and Canadian Healthcare of Ontario Pension Plan (HOOPP) hold a 45% stake in Greencross, which was invested in the company at the value of AUD$3.5 billion ($2.24B/€2.12B) after buying their stakes off TPG Capital in March this year.
The plans for the acquisition are not yet clear, and some have suggested that Wesfarmers may take a minority stake in the company and leave current owners TPG Capital as the majority holder.
Westfarmers posted revenue of AUD$43.5 billion ($27.8B/€26.3B) in its financial year concluding on 30 June, up 18.2%. Hardware retailer Bunnings is one of Wesfarmers businesses that has recently started selling pet products, including pet food.
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