Supermarket chain Woolworths is set to acquire a 55 per cent stake in pet food and services company Petspiration Group, for a price of $586 million.
Petspiration is the owner of retail brand PETstock, which has 276 outlets across Australia and New Zealand.
The Woolworths move follows a sell-down of the supermarket chain’s stake in alcohol retailers, including Dan Murphy’s.
Woolworths CEO Brad Banducci told The Sydney Morning Herald that the animal care sector stretches beyond the pet food varieties found in supermarkets, and that market research indicates new possibilities for engaging owners of larger animals.
“I’ve certainly come to understand that as you get out to country Australia, there are many, many other pets that people have a high affiliation (with) and very different needs for those pets,” he said.
“[For instance] I have become pleasantly surprised by just how passionate the horse community is.”
SAM WORRAD