Asda co-owner TDR Capital has snapped up control of pet shop chain Jollyes.
The private equity firm, which also owns pub group Stonegate and David Lloyd Leisure, has bought a majority stake from previous owner Kester Capital.
Former Asda boss Andy Bond will become Jollyes’ chairman, and company management will take stakes in the business.
Jollyes said it can now speed up its UK expansion plan to take on Pets at Home. It has 99 stores and opens its 100th this week.
Joe Wykes, chief executive, said it has been opening one a month but can roughly double this following the investment.
Controlling stake: Private equity firm TDR Capital has bought a majority stake in pet shop chain Jollyes from previous owner Kester Capital
‘We are really excited to have made the deal with TDR as we felt they really clearly understood the business and our customers.
The next phase will involve a lot of aspects, including finding the right sites but we know there are opportunities out there.’
He added: ‘At around 100 sites, for a second-largest group, there is still quite a gap between us and Pets at Home and their 400-plus shops.’
The acquisition deal is expected to complete in April.
Gary Lindsay, managing partner at TDR Capital, said: ‘We identified a solid business with excellent foundations and significant potential to grow even more ambitiously.
‘We are confident Jollyes can further cement itself in the sector and increase the competitiveness of the market.’
Adam Maidment, managing partner at Kester Capital, said: ‘I’m incredibly proud of what we have achieved with Jollyes.
‘We have doubled the workforce, doubled the revenue and more than doubled the profitability.’
