Dane Creek Capital at it again: fifth pet retailer acquisition

Pets West is one of the longest-standing and largest pet specialty retail stores on Vancouver Island, British Columbia (Canada).

The purchase price represents approximately 0.45 times expected revenue for the current fiscal year ending January 31, 2022. No other terms were announced.

Under the ownership of Lisa Nitkin since 1989, Pets West has become known as ‘Victoria’s Favourite Local Pet Shop’. The store offers pet owners a first class in-store experience in its spacious 4,500 square foot location in Broadmead Village. Ms. Nitkin will stay on with Pets West until 2022 to assist in transitioning the location into the United Raw portfolio.

The addition of Pets West brings the total number of United Raw-owned retail locations on Vancouver Island to seven. Earlier this year, Dane Creek and United Raw announced the acquisitions of Growlies Pet Foods Inc. (Langford, British Columbia); The Wild Side Pet Boutique Inc. (Qualicum Beach and Nanaimo, British Columbia); Lucky Paws Enterprises Inc. (Mill Bay and Duncan, British Columbia); and A Pet’s Life Ventures Inc. (also in Victoria, British Columbia).

Consistent with United Raw’s position as the owner of Canada’s largest family of raw pet food brands, Pets West offers pet owners a wide selection of raw in its recently expanded freezer section.

‘We are very pleased to be adding Pets West to the United Raw family of retail locations on Vancouver Island,’ said Mark Warren, Chairman and CEO of Dane Creek. ‘Lisa and her exceptional team have not only created a premium shopping experience for pet owners living in the Greater Victoria metropolitan area but have also demonstrated an unwavering commitment to animal welfare and social responsibility as evidenced by their support for a wide variety of community organisations. We fully intend to build on this legacy.’

‘I am of the view that United Raw is the best partner to ensure that what my team and I have built at Pets West over the years will continue. Over the past 32 years, our sole focus has been to provide the very best products, food, and advice for all types of pets in Greater Victoria, following many of our pet parents through good times and bad. It has been an absolute honour to share in these moments and be a part of their lives. I also want to express my gratitude to my family and friends for their tremendous support over the years,’ said Ms. Nitkin. ‘As an organisation fully devoted to the pet industry and very focused on providing pet owners on Vancouver Island the best products and services, I believe our pet parents and their pets will benefit from United Raw’s stewardship.’ 

‘Pets West exceeds all of the published industry standard metrics, including revenue per square foot per annum and inventory turnover per annum,’ added Mr. Warren. ‘This acquisition furthers our efforts to establish a pet-focused ecosystem on Vancouver Island, which will have, at its base, retail operations offering pet owners a unique and innovative shopping experience.’

 

(Photo credit: Times Colonist)