Pets Corner / Target - PamPurred Pets
Cavendish Corporate Finance, the UK’s leading sell-side mid-market M&A firm, has advised on the acquisition finance to fund the acquisition of PamPurred Pets Holdings Ltd by The Dechado Group (100% owner of Pets Corner) and the refinancing of existing indebtedness.
Established in 1968, under the leadership of Dean Richmond, Pets Corner has developed from a small family business to be one of the UK’s leading up-market pet retailers with approximately £37m in annual sales, offering a quality differentiated product range for pet owners. Pets Corner now consists of 110 sites, which are a combination of high street stores, standalone stores and satellite operations situated inside garden centres.
The acquisition of PamPurred Pets Holdings Ltd significantly expands Pets Corner’s presence in the UK, with an additional 51 stores and approximately £14m in sales now to be integrated into Pets Corner’s operations.
Cavendish Corporate Finance, provided debt advisory services on the acquisition, which comprised a review of the Pets Corner business and forecasts to ascertain debt capacity and debt fundraising options. Cavendish identified and sourced potential lenders for the opportunity and led a competitive process to ensure the best terms were achieved for Pets Corner in funding the acquisition. Additional support was provided in the due diligence process with the preferred lender, including the review of loan documentation and financial covenants, to ensure that the deal closed within the required timetable and Pets Corner secured a flexible funding arrangement.
Dean Richmond, Managing Director of Pets Corner, commented:
“PamPurred Pets’ stores are ideally positioned to complement and enhance our existing portfolio and reach our core customer base. The addition of PamPurred Pets enables us to bring the Pets Corner Difference to new customers whom we hope will enjoy the benefits of our exceptional expert advice and high quality products in a place that is convenient for them.”Cavendish Corporate Finance, the UK’s leading sell-side mid-market M&A firm, has advised on the acquisition finance to fund the acquisition of PamPurred Pets Holdings Ltd by The Dechado Group (100% owner of Pets Corner) and the refinancing of existing indebtedness.
“In completing this transaction, we wanted to ensure that the growth and success of the business that we have built to date is the foundation for further expansion in the years to come. We are delighted with the outcome and we would like to thank the team at finnCap Cavendish for all of their help throughout this process. They are experts at advising founders and entrepreneurs and they provided us with invaluable advice and guidance throughout.”
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“We are immensely grateful for the hard work and expertise we received from finnCap in securing this fundraise. Zuleika’s knowledge and communication skills were outstanding. It is the first time we have raised external funds so we were heavily reliant on their introductions, all of which were a good fit for Ro&Zo. Zuleika’s guidance through the process was exemplary. We are delighted to have chosen Pembroke as our new shareholders and look forward to a long relationship with them as we continue our growth strategy.”
“On behalf of all of the shareholders at Peach, a huge thank you to the team at finnCap Cavendish – they have done a great job. With the unprecedented macro back-drop that we have all been experiencing, we needed an adviser who was thoughtful, tenacious and prepared to go the extra mile. We got of all this in spades from the finnCap Cavendish team and it has been a pleasure to work with them. We would not hesitate to recommend them to other business founders and entrepreneurs who are in need of experience-led judgement and advice.”
“I would also like to thank the team at finnCap Cavendish. They have done a great job in finding us the right buyer and running a smart and efficient process. Their support throughout has been excellent and combined with their commercial approach and sector knowledge, they have made great advisers for us.”
“Joe Stelzer and his team at finnCap Cavendish were the perfect partners as we navigated this exciting next step for the group. The firm’s wealth of expertise in advising entrepreneurial growth businesses, partnered with their quality of service and professionalism was invaluable and helped make this deal function as smoothly as possible.”
“This transaction is huge for our business as we look to continue our growth journey. We’re very excited to have raised enough capital from a leading impact investor to expand our market-leading position and maintain standards of excellence across all our products. We’re hugely grateful to the team at finnCap, who played a fundamental role, in what we hope, will be a very exciting growth story.”
“We are delighted with the assistance and guidance provided by the finnCap Debt Advisory team to support this hugely important acquisition. The key for us was to find a strategic lending partner in the UK; therefore, the team’s intimate knowledge of the UK debt market and network of lending partners proved essential in achieving this successful outcome.”
“Given the financial strength of iomart, lender appetite levels in participating in the debt facility were high. However, this was the first time that a bank club was established and our incumbent lender was potentially being replaced. Therefore, we needed support in ensuring we ran a diligent and professional process and this is exactly what the finnCap Debt Advisory team delivered. I was delighted with the outcome in terms of the new lenders and banking arrangements, which underpins our growth plans for the business.”
“I would like to thank all of those involved in the process that has concluded with us ultimately choosing Neighborly as our partner going forward, those at finnCap Cavendish and our CFO Mike Bergin, without whom this would have not happened.”
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