September 23, 2017

Enact acquires pet food retailer and wholesaler

pet food
0 Flares Twitter 0 Facebook 0 Filament.io 0 Flares ×

A wholesale supplier of pet food and products, which also operates a chain of shops, has been acquired by Leeds-based SME investor Enact.

Nottingham-based Kennelpak, which employs 275 people and has 21 stores, has been bought from its family owners for an undisclosed fee.

In its latest financial accounts to March 2017, the profitable business had sales of more than £23m.

Established in 1974, Kennelpak sells a selection of pet food, pet accessories and toys amongst other products for dogs, cats, birds, aquatics, reptiles, horses and home farming.  Additional services also include grooming, local training, nutritional advice and licensed medication.

Investment director Chris Cormack, who lead the transaction for Enact, said: “The business is well positioned in a growing sector and we believe that Kennelpak is an exciting platform from which we can drive accelerated growth.”

Chris Peck, who is joining the Kennelpak board as non-executive chairman, added: “I’m delighted to be joining Kennelpak at this point in its journey, alongside Enact.

“We believe we have invested in a good business and brand which will benefit from additional investment and scale.”

Peck was formerly chairman at West Cornwall Pasty Company, an Enact investment that was sold to Samworth Brothers in December 2016, generating a strong return on investment.

The acquisition of Kennelpak is the third investment by Enact in 2017, following investments in Arran Aromatics and Theo Fennell in recent months.

Investment director Chris Cormack lead the transaction for Enact and said “The business is well positioned in a growing sector and we believe that Kennelpak is an exciting platform from which we can drive accelerated growth.

“We will be introducing a new Non-Executive Chairman and CEO with the relevant experience to support this strategy.”

He added: “The acquisition of Kennelpak is the third investment by Enact in 2017, following investments in Arran Aromatics and Theo Fennell in recent months.

“We remain committed to identifying opportunities in the lower mid-market, targeting transactions that require investment of up to £5 million.

“We continue to see a number of opportunities nationally and following on from the announcement of Richard Harrison’s role in targeting Enact opportunities in the North West we are now looking to recruit dedicated Enact deal origination resource in London to enhance our national offering.”

Chris Cormack was assisted by Paul Denvers from Enact. Simon Pilling and James Cook from Bond Dickinson provided legal advice with Russ Cahill providing tax advice. KPMG assisted Enact with financial due diligence.

Phil Burns, Karen Edwards and Steve McQuillan of Clearwater International acted as advisers to Kennelpak and its shareholders.

 

Article Source

Leave A Comment

0 Flares Twitter 0 Facebook 0 Filament.io 0 Flares ×