TDR Capital acquires majority stake in pet care retailer Jollyes

TDR Capital has taken over the majority ownership of Jollyes from its previous owner, Kester Capital. This change in leadership comes with the appointment of Andy Bond, the former head of Asda, as Jollyes' new chairman. Bond, along with the company's management, will also invest in the business, aiming to fuel Jollyes' ambitious growth plans across the UK.

Transaction Snapshot

  • Deal Value: N/A
  • Deal Type: Majority stake purchase
  • Deal Date: Expected to complete by the end of April 2024

The partnership with TDR Capital will enable Jollyes to fast-track its UK expansion strategy, aiming to challenge Pets at Home's market dominance. The company plans to speed up the opening of new stores, with a target of doubling its current rate of expansion. This effort is part of Jollyes' broader strategy to increase its presence and offer competitive pricing through strategic location selection and the rollout of additional services.

Currently, Jollyes operates 99 stores nationwide, with the 100th store set to open shortly. The investment from TDR Capital will support Jollyes in opening 12 new stores throughout 2024 and into early 2025, with confirmed locations in Nuneaton, Chester, Northampton, and East Kilbride. This expansion is testament to Jollyes' significant growth, having increased its store count by 50% over the past three years.

The deal will not only facilitate the expansion of physical stores but also enhance Jollyes' grooming and veterinary services, contributing to a reduction in overall pet care costs. Furthermore, the investment acknowledges Jollyes' commitment to its workforce, with the introduction of a comprehensive benefits package for its 1,200 employees.

Joe Wykes, CEO of Jollyes, expressed enthusiasm for the partnership with TDR Capital, highlighting the shared vision for the company's growth and the opportunity to bring greater value to more locations. Wykes also acknowledged the contributions of outgoing chairman Richard Cotter and welcomed Andy Bond to the board, praising his retail expertise and leadership qualities.

This acquisition marks a new chapter for Jollyes, positioning it for accelerated growth and further innovation in the pet retail market. The company aims to leverage this investment to enhance its market position, benefitting customers, employees, and suppliers alike.

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