Sonae buys Norwegian pet retailer through Musti
Sonae has bought Norway’s Petco Retail AS through Musti, expanding its Nordic pet-care business as the Portuguese group also values ZU at €13.5 million.
Sonae has acquired 100% of Norway’s Petco Retail AS through Finnish subsidiary Musti, strengthening its pet-care business in the Nordic region as the Portuguese group continues to expand abroad. ECO has learned that the deal was completed on February 18 for the equivalent of €2.3 million.
The acquisition adds three stores in Norway selling pet food and other pet products. Those outlets generated about €3 million in revenue last year, according to the information gathered by ECO. Musti said in its first-quarter report that the purchase helped drive 25.5% growth in Norway.
The same report shows that Musti’s acquisition of Portuguese pet retail brand ZU from Sonae group company MC was completed at a final price of €13.5 million. That related-party transaction covered 65 stores in Portugal at the time, including 24 with integrated veterinary clinics, and a workforce of 348 employees. The final tranche was paid in January.
ZU now has 68 stores in Portugal after opening three in the first quarter and employs 377 people in the country. The chain contributed €8.4 million to Musti’s net sales in the quarter, while the group’s total net sales rose 15.6% year on year to €138.5 million between January and March. Musti ended the quarter with 513 locations, including stores and veterinary clinics, 3,966 employees globally and a net loss of €3.8 million.
Originally published at Eco.pt
