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Jollyes has been acquired by TDR Capital from previous owners Kester Capital, for what Kester calls a 4.2x return on investment.
The investment, expected to be completed by the end of March, will enable Jollyes to continue to grow its store estate at pace.
Upon completion of the deal TDR Capital will take a majority stake in Jollyes and Andy Bond, executive chairman of Pepco Group and a former CEO of Asda, will become non-executive chairman.
Under Kester’s ownership Jollyes’ network of stores has expanded from 64 to 100 and its employee base more than doubled to over 1,200.
TDR has a strong portfolio of brands which includes Popeyes, Stonegate Pub Company and Asda.
Joe Wykes, Jollyes CEO, said: “Jollyes has been growing at pace over the past two years, with our people providing pet parents a level of expertise and service that is hard to find. This new investment will help us build a much bigger stage, accelerating our growth plans and giving us the resources we need to bring more value to more places.
“We look forward to partnering with TDR on the exciting next phase of our growth in the UK. I’d also like to thank our chairman Richard Cotter for its stewardship of this business over the last six years and formally welcome Andy Bond to our board.
Gary Lindsay, managing partner at TDR Capital, added: “It is fantastic to be partnering with Joe and the Jollyes team to provide even more momentum behind the strong growth of recent years. In Jollyes, we identified a solid business with excellent foundations and significant potential to grow even more ambitiously in the years to come.
“Through our investment, we will deploy our significant retail expertise and support the company in rolling out its store expansion plans even more rapidly, including opening more grooming and veterinary-led community pet clinics. We are confident that Jollyes can further cement itself in the pet retail sector and increase the competitiveness of the market, which will benefit customers, colleagues and suppliers alike.”
