May 27th 2024.
Australia's competition watchdog, the Australian Competition and Consumer Commission (ACCC), has given the go-ahead for Sydney-based pet chain PetO to acquire over 60 new stores and vet clinics. This move will establish PetO as a major player in the industry, alongside current market leaders Petbarn and Petstock (which is now owned by Woolworths).
The ACCC's approval comes with a few conditions, as PetO will be absorbing four different brands - Best Friends, Our Vet, My Pet Warehouse, and Pet City. With this acquisition, PetO's reach will expand from its current 17 stores in the Sydney region to 58 stores across the country. In addition, 25 veterinary clinics will be added to its portfolio.
This expansion is a significant step for PetO, as it will solidify its position as a "clear and credible third player" in the market. The company is set to experience immense growth, with its staff size increasing from 100 to 1000 and revenue expected to triple to $200 million in the next financial year.
The pet industry in Australia is currently thriving, with a survey estimating that Australians spent a whopping $33 billion on their beloved furry friends in just one year. This has attracted the attention of other major retailers, such as Bunnings Warehouse, who have also entered the market by launching their own pet range last year.
According to PetO co-founder Nick Greenhalgh, there couldn't be a better time for the company to expand across the country. He expressed excitement about the record levels of pet ownership and increased demand for pet products in Australia.
The acquired stores and clinics will continue to operate under their existing brands during a transitional period, before being fully integrated under the PetO umbrella. This will ensure that the transition is smooth for both customers and existing staff, who will be retained under the acquisition. Greenhalgh emphasized that PetO respects the hard work and expertise of the staff at these brands and is looking forward to working with them.
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