Musti taps into the Norwegian vet market

Musti Group’s Norwegian subsidiary announced the purchase of 40% of Petrus Veterinærer, a veterinary company in Norway that operates 2 vet clinics in Oslo.

The Helsinki-based omnichannel retailer was purchased through a share subscription agreement, and the acquisition is expected to boost the company’s service offering.

“I’m thrilled to announce this joint venture; this is the natural next step for Musti in Norway and a great value-adding service for our customers and all the pet parents in Norway,” says Musti CEO David Rönnberg. “Petrus has succeeded in offering great customer satisfaction, and we will continue to build on that foundation.”

Musti, recently bought by the Portuguese conglomerate Sonae Group, has been expanding across parts of Northern Europe. It finalized the acquisition of Baltic pet retailer Pet City in December for €18.2 million ($19.2M).

Market overview

Norway, a more fragmented market than Finland and Sweden, currently represents 16.1% of the company’s total net sales.

Musti started business in the country in October 2016 and currently has 75 stores nationwide.

Between October 2023 and September 2024, the retailer posted net sales of €70.5 million ($72.8M), an increase of 8.6%.

According to Euromonitor International, the Norwegian pet care market was forecast to hit $587.7 million (€569.2M) in 2024. This is a 1% increase over 2023.

Petrus by the numbers

With just 2 locations at Petrus, the investment is a relatively small one for Musti Group. Despite its small size, the veterinary company has managed to post strong earnings.

According to Musti, Petrus posted a turnover of NOK 13 million ($1.15M/€1.1M) in 2023.

As veterinary visit costs rise, the company has marketed itself as significantly more affordable than its competitors. While it’s difficult to compare the prices of medical operations that are typically not disclosed, the affordability message may be boosting Petrus’ profits.