Sentinel Capital Partners Closes Sale of Pet Supplies Plus
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NEW YORK, March 10, 2021 /PRNewswire/ Sentinel Capital Partners, a private equity firm that invests in promising lower midmarket companies, today closed its sale of Pet Supplies Plus ( PSP ), the third largest pet specialty chain in the U.S., to Franchise Group, Inc. The deal is valued at $700 million.
Founded in 1988 and headquartered in Livonia, Michigan, PSP is the leading franchisor and operator of pet-specialty stores that provide a customer-centric shopping experience in smaller stores that have a neighborhood feel. PSP blends the advantages of national scale with those of a friendly, local neighborhood pet store. Stores have a streamlined design, which makes them easy to navigate, and a wide assortment of proprietary and third-party branded pet foods, hard goods, and pet services. PSP also offers online shopping alternatives with same-day delivery from loca
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Dive Brief:
Pet Supplies Plus has entered into an agreement to be acquired by Franchise Group for around $700 million in cash, the company announced Monday. Pet Supplies Plus is currently owned by private equity firm Sentinel Capital Partners, which acquired the retailer just over two years ago.
The deal is expected to close by March and will result in more than $3.6 billion in annualized revenue defined as total sales from both entities for Franchise Group.
Franchise Group has made a deal for $1.3 billion in new term loan facilities to refinance its existing loan for Buddy s Home Furnishings, American Freight and Liberty Tax and provide acquisition financing for the deal with Pet Supplies Plus.
Livonia-based Pet Supplies Plus has a new owner after $700 million sale
A local company billed as one of the nation s largest pet supplies stores has a new owner, just a few years after it purchased the business.
Livonia-based Pet Supplies Plus will be sold to Virginia Beach-based Franchise Group, Inc., according to a news release shared online Monday. The sale of the pet supplies company, which is headquartered at 17197 N. Laurel Park Dr. in Livonia near Interstate 275, will be finalized later this spring. The deal is valued at about $700 million.
Sentinel Capital Partners, based in New York City, bought the Livonia-based pet supplies company in late 2018 for an undisclosed price. The company specializes in purchasing and building up small to mid-range sized companies.
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