Woolworths barks up a new tree, splashes $586m on PETstock owner

Carrie LaFrenz and Emma Rapaport

Dec 15, 2022 – 10.26am

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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.

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.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.