PE firm snaps up Jollyes for a reported £130 million
After some recent rumors, the UK’s second-largest pet retailer has been confirmed to have been sold to London-based TDR Capital.
The acquisition deal has closed for a reported sum of £130 million ($164.6M/€151.8M).
In a statement, Jollyes’ owner, Kester Capital, a UK lower mid-market private equity firm, said the sale has delivered a 4.2x return on investment since its purchase in 2018. Over the years, it helped the pet firm expand from 64 to 100 stores and “more than doubled” its employee base to over 1,200.
Reports of Jollyes’ sale have been floating around since December. However, at that time, a Jollyes spokesperson told GlobalPETS they could not comment on the matter.
The transaction is expected to close in March.
30% sales increase
The deal closed a few days after the British pet retailer released its earnings for the 6 months to 27 November 2023, hitting total sales of £70 million ($88M/€81.7M), a 31% increase compared to the same period in 2022.
“The new investment will allow us to open significantly more stores, rapidly bringing our value and expertise to more communities, invest in services such as grooming and community pet clinics and invest in our people as we realize our ambition to be one of the best employers in UK retail,” Jollyes posted on LinkedIn.
Jollyes’ new owner, TDR Capital, is a London-based private equity firm founded in 2002. Its portfolio consists of companies operating in a variety of segments, including UK grocery chain Asda and dining outlet Pizza Express. However, Jollyes marks its first foray into the pet industry.
The company also announced that it will be appointing former Asda CEO Andy Bond as its new chairman, joining Jollyes’ existing management team led by CEO Joe Wykes.
Jollyes recently won the Pet Retailer of the Year Award from the Pet Industry Federation (PIF).
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