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KKR’s Pets at Home targets £275m London IPO

19 Feb 2014

Private equity-backed retailer Pets at Home Group has confirmed plans to raise £275m via its listing on the London Stock Exchange.

KKR, which bought the company for £955m in 2010 from fellow private equity firm Bridgepoint, may realise a part of its investment through the repayment of shareholder loans or a sale of new shares, a statement said.

Bridgepoint acquired the company for £230m in 2004, and had explored a potential IPO before exiting the company via a secondary sale.

Proceeds of approximately £275m from the offering, which values the company at around £1.5bn, will be used to address debt, with proceeds of £325m from new senior debt facilities used repay the existing loan. The company will have net debt at admission of £275m, around 2.5 times the company’s March 2014 forecast EBITDA of £110.2m

Pets at Home is the UK’s largest specialist retailer of pet food, pet-related products and pet accessories. It also operates the UK’s second largest small animal veterinary business. It operates from 369 stores located across the UK, and 246 small animal veterinary surgeries.

In the 40-week period to 2 January 2014 the company saw total revenue growth of 11.7 per cent year on year, like for like revenue growth of 2.4 per cent and underlying EBITDA growth of 11.1 per cent.

The UK pet care market is worth an estimated £5.4bn, with Pets at Home holding a 12 per cent market share in 2012. The company has a target portfolio of over 500 stores, over 700 veterinary practices and over 300 “Groom Rooms”.

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