GENERAL NEWS OF THE LAND
Private equity firm TDR Capital has acquired a majority stake in pet retailer Jollyes.
Expected to complete by the end of April, the deal will allow Jollyes to accelerate new store opening plans and will also result in Andy Bond, chairman of the Pepco Group and former chief executive of Asda, becoming its non-executive chairman .
Jollyes chief executive Joe Wykes said: “Jollyes has grown rapidly over the past two years, with our people providing pet parents with a level of expertise and service that is hard to find.
“This new investment will help us build a bigger stage, accelerate our growth plans and give us the resources we need to bring more value to more places.
“We look forward to partnering with TDR in the exciting next phase of our growth in the UK.
“I would also like to thank our chairman Richard Cotter for his stewardship of this business over the past six years and formally welcome Andy Bond to our board.
“Andy’s retail credentials and ‘knowledge’ of the value sector make him the perfect fit for Jollyes, customers and colleagues. I look forward to his advice and guidance as we continue to grow at pace.”
In an acquisition from Kester Capital, TDR Capital will take a majority stake in Jollyes along with Bond and Jollyes management.
Under Kester’s ownership, Jollyes expanded its network of stores from 64 to 100 and doubled its revenue and profit since 2018.
Adam Maidment, managing partner at Kester Capital, said: “I am extremely proud of what we have achieved at Jollyes. We doubled the workforce, doubled the revenue and more than doubled the profitability, building one of the largest specialty pet retailers in the country.
“It has been a pleasure to work with Joe, Richard and the wider team over the past six years. We wish the management team and the business every success for the future.”
