Two private equity firms have joined forces in a bid to buy European online petcare company Zooplus.
Hellman & Friedman and EQT Private Equity have made a joint offer of around 3.7bn euros – 480 euros a share – which is now being recommended to Zooplus shareholders. It ends a bidding war between the two finance firms for the pet business.
Dr Cornelius Patt, CEO of Zooplus, said: “It has been the management’s top priority throughout the entire process to act in the best interest of the company and maximise the value for our shareholders while providing transaction certainty.
“With this offer by H&F, in partnership with EQT, our shareholders now have the clarity and ability to take an informed tender decision and realise a remarkable 85 percent premium.
“Given the significant value creation for our shareholders, the complementary expertise of both partners as well as their financial and strategic commitments to the company and its stakeholders, we as the management board confirm our recommendation to our shareholders to accept the offer.”
Zooplus is the leading online pet platform in Europe measured by sales. Founded as a German start-up in 1999, the company’s business model has been successfully launched internationally, dedicated to the mission of creating moments of happiness between pets and pet parents across now 30 European countries.
