Musti Group expands into the Baltics with €18 million acquisition
The Nordic pet retailer has agreed to buy Estonian pet retailer and veterinary services provider Pet City.
Finnish pet retailer Musti Group’s acquisition of Pet City for €18 million ($19.7M) is set to be finalized by the end of the year.
The deal includes the purchase of Pet City and its subsidiaries — namely the veterinary service Eesti Veterinaaria Kliinikum OÜ and pet retail services Pet City UAB, Pet City SIA and Pet City Klinika UAB — from Magnum Group, a major Baltic pharmaceutical wholesaler and retailer.
The acquisition will give Musti access to 46 retail stores, 16 veterinary clinics and a workforce of 472 employees across Estonia, Latvia and Lithuania.
Musti CEO David Rönnberg comments that expanding into the Baltic region is a “natural next step for international growth.” He adds, “I’m extremely excited about the opportunities we can create by sharing best practices between the Nordic and Baltic markets.”
The transaction was announced after Sonae Group acquired Musti earlier this year.
Pet City’s performance
In the financial year (FY) 2023, Pet City’s subsidiaries reported a combined turnover of €31.5 million ($34.6M), up from €28.6 million ($31.4M) in FY 2022.
As of last year, the company’s total assets stood at €8.7 million ($9.5M), with liabilities amounting to €23.7 million ($26M).
(Photo credit: Pet City)
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