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Woolworths Acquires Controlling Stake in Petstock

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By Published On: December 20, 20230 Comments

Woolworths has secured approval from the ACCC and has kicked off proceedings to acquire a 55 percent stake in Petstock.

Following the announcement earlier this week that Woolworths has secured approval from the ACCC, the supermarket giant has acquired a controlling stake of 55 percent in pet retailer Petstock. 

Announced over a year ago, the ACCC raised concerns over the deal due to Petstock’s prior acquisitions in the speciality pet store sector.

ACCC Chair Gina Cass-Gottlieb stated: “After extensive consultation with market participants and a comprehensive review of the parties’ internal documents, data and research, we consider Woolworths’ proposed acquisition of a 55 percent interest in Petstock is unlikely to substantially lessen competition.

“Market feedback indicated that speciality pet retail and grocery are distinct channels in the pet industry, and speciality pet retail stores have a very different product and service offering to supermarkets and discount department stores.”

The acquisition was announced in a Linkedin Post by Woolworths Group Wednesday afternoon. 

“We’re thrilled to be welcoming Petstock to the Woolworths Group. A market leader in pet retailing in Australia and New Zealand, Petstock has a loyal customer base of 2.4 million pet families. We will now work through the transition plan and welcoming the Petstock team to the Group,” it read.

Woolworths Group CEO, Brad Banducci, said: “We are excited that we are now in a position to move forward with our investment in Petstock Group in partnership with the Young family. This investment will enable Woolworths Group to meet more of our customers’ pet needs and is expected to deliver strong returns for shareholders.”

Petstock Group CEO, Shane Young, said: “This announcement allows us to take the next positive step in the Petstock Group journey, and we look forward to working with the Woolworths Group team to deliver an unrivalled customer experience for pet parents.”

About the Author: Rosalea Catterson

Rosalea is the Editor of Power Retail. With a keen interest in consumer behaviour and tech, she covers everything ecommerce and hosts the Power Retail Power Talks Podcast.

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