Woolworths Holdings Limited intends to buy Absolute Pets as it seeks to expand its operations in the growing pet care market. <\/p>\n\n\n\n
Woolworths initially intends to acquire 93.45% of the shares in Absolute Pets from Sanlam Private Equity and Absolute Pets management. The remaining management-owned shareholding will be acquired by Woolworths following the completion of the initial purchase. <\/p>\n\n\n\n
Absolute Pets launched in 2005 and now has over 150 stores nationwide, including online, pet spas and pet services. <\/p>\n\n\n\n
“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 said.<\/p>\n\n\n\n
“Absolute Pets has a complementary brand positioning, a well-established market presence, and is led by a strong management team.” <\/p>\n\n\n\n
“The acquisition of Absolute Pets will accelerate Woolworths\u2019 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.”<\/p>\n\n\n\n
Absolute Pets CEO Stephen Warner and the current management team will continue to lead the brand following the transaction. <\/p>\n\n\n\n
The purchase will be done in cash and is subject to the fulfilment of regulatory and commercial conditions, such as approval from the Competition Tribunal. <\/p>\n\n\n\n
This is not Woolworth’s first endeavour into pet care, with it recently launching WPetInsure – a comprehensive pet insurance product. <\/p>\n\n\n\n
\u201cWith 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,\u201d the group previously said<\/a>. <\/p>\n\n\n\n Customers can choose from Classic, Hospital, Accident and Premium Plans with additional booster benefits also on offer. The four plans range in price from R115 to R460 per month.<\/p>\n\n\n\n
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