Woolworths barks up a new tree, splashes $586m on PETstock owner
Woolworths Group boss Brad Banducci says there is plenty of growth left in the booming pet sector, from doggy daycare to nutrition and grooming, after the grocery giant snapped up a 55 per cent stake in pet business Petspiration Group for $586 million.
After a puppy boom during COVID-19 lockdowns, the retailer will use funds from its recently sold down stake in Endeavour Group to enter a new category, buying a majority stake in the No. 2 player in the fast-growing $10 billion specialty pet sector.
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