Bridgepoint Looks To Exit Pets At Home
You may not yet be able to shop online at the UK's largest pet store chain, but you may soon be able to buy shares in the company. Bridgepoint, the private equity firm behind Pets At Home has reportedly confirmed it is considering a possible floatation.
The company said on Wednesday that it had appointed Citigroup and JP Morgan Cazenove for a possible IPO, and Rothschild to advise on a possible sale of the 200+ strong chain of pet shops.
Bridgepoint's ROI..
When Bridgepoint bought the chain for £230m in July 2004, it operated 155 stores, employed 2,700 people, generated revenues of £218m - with earnings before interest, taxes, depreciation, and amortization of £24 million.
Now, with a reported estimated value of £600 million, it operates 207 stores, 39 joint venture veterinary surgeries, employs 3,500 people, generated revenues last year of £306m - with earnings before interest, taxes, depreciation, and amortization of £47 million.
Merry Christmas..
After months of waiting, (we reported back in July: ..The Giant Cometh), Pets At Home has finally put up a holding page warning 'New site coming soon.' It looks like the B&Q of the pet world is finally going digital - and just in time for the Christmas Season.