Woolworths Holdings Limited intends to purchase Absolute Pets because it seeks to broaden its operations within the rising pet care market.
Woolworths initially intends to accumulate 93.45% of the shares in Absolute Pets from Sanlam Private Equity and Absolute Pets administration. The remaining management-owned shareholding can be acquired by Woolworths following the completion of the preliminary buy.
Absolute Pets launched in 2005 and now has over 150 shops nationwide, together with on-line, pet spas and pet companies.
“Pet care is an attractive and rapidly developing market with substantial growth potential. It is also an increasingly important category for Woolworths customers, who consider their pets an integral part of their families,” WHL stated.
“Absolute Pets has a complementary brand positioning, a well-established market presence, and is led by a strong management team.”
“The acquisition of Absolute Pets will accelerate Woolworths’ pet strategy by bringing together two strategically aligned businesses and positioning the group well to become the end-to-end pet care destination of choice in South Africa.”
Absolute Pets CEO Stephen Warner and the present administration workforce will proceed to guide the model following the transaction.
The buy can be finished in money and is topic to the fulfilment of regulatory and industrial situations, similar to approval from the Competition Tribunal.
This will not be Woolworth’s first endeavour into pet care, with it lately launching WPetInsure – a complete pet insurance coverage product.
“With multiple cover options built to suit a variety of lifestyles and pocket sizes, Woolworths is helping its customers ensure they are adequately covered for any mounting pet-related costs as and when they need it,” the group beforehand stated.
Customers can select from Classic, Hospital, Accident and Premium Plans with extra booster advantages additionally on supply. The 4 plans vary in value from R115 to R460 monthly.
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