PetO will buy 41 stores and 25 co-located vet clinics from PETstock, helping to triple its sales to $200 million.
A 55 per cent stake in PETstock was first purchased by Woolworths in December 2023, but the ACCC required site divestment to get the deal over the line.
PetO was co-founded by brothers Nick Greenhalgh and David Rowe in 2006 in Sydney.
Australia’s largest independently owned pets chain, PetO, will triple its revenue to $200 million after buying stores and vet clinics carved out of the Woolworths-backed PETstock business.
A 55 per cent stake in Petspiration Group, which trades as PETstock, was snapped up by the supermarket giant in December 2022. But the deal ran into trouble and the pet retailer was forced by the competition regulator to divest certain sites to get the tick of approval after it found historic Petspiration transactions to be problematic.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
