Australia’s largest independently owned pet specialty store, PetO, has acquired 41 new retail stores and 25 vet clinics, firmly establishing the Sydney-based business alongside major players, Petbarn and Petstock.
The acquisition follows a court-enforced divesture notice delivered by the Australian Competition and Consumer Commission (ACCC) to Petstock and Woolworths, following anti-competitive behaviour in the market.
As a result of the acquisition, PetO will grow from 17 NSW based stores to 58 retail stores across the country, bringing its service to a new customer base in Victoria, Western Australia, Queensland, and Tasmania, operating brands including Best Friends, Our Vet, My Pet Warehouse and Pet City.
PetO anticipates tripling its revenue to reach circa $200 million in the next financial year.
Established by brothers Nick Greenhalgh and David Rowe in 2006, PetO is a family-owned and operated business, which has become an established brand in the Sydney region.
“Australia is right now experiencing record levels of pet ownership and increased demand for pet products. We couldn’t think of a more exciting time to be expanding across the country,” Greenhalgh said.
“At PetO, we think of ourselves as cat and dog specialists. We know your furry friend is more than just a pet, they’re a member of your family – that’s why our business is centred around exceptional customer experience and expert advice. We’re thrilled to bring PetO ‘s passion for pets to new customers nationwide.”
As part of the expansion, the PetO team will grow tenfold to 1,000 staff. Existing staff from the acquired stores will be retained, while additional positions will be created within a new support team.
PetO will continue to operate the acquired businesses under their existing brands throughout the transitional period.
“We respect these brands; they have worked hard to develop strong recognition and their people are experts in their field. We are approaching the integration with curiosity and in consultation with the wider team, so we look forward to going on this journey together,” Greenhalgh added.
As part of the acquisition, PetO will also absorb 25 vet clinics under the Our Vet brand. These businesses will continue to offer specialised in-house services and products to pet owners in Queensland, Victoria, and New South Wales.
“This is an exciting new beginning for the Our Vet clinics, and we are thrilled to be continuing to offer our services to our loyal and dedicated customers.”