Musti Group finalizes the acquisition of Pet City
Musti Group plc Press Release 25 November 2024 at 1.00 p.m.
Musti Group finalizes the acquisition of Pet City
Musti Group plc (“Musti”) has finalized the acquisition of Pet City OÜ which was announced on October 7th, 2024.
Musti acquired the shares of Pet City OÜ (“Pet City”) (including its subsidiaries Eesti Veterinaaria Kliinikum OÜ, Pet City UAB, Pet City SIA) and Pet City Klinika UAB from Magnum Group for an Enterprise Value (EV) of EUR 18.2 million, of which EUR 13.7 million was paid in cash at closing. The remaining will be settled once the closing accounts have been approved by both buyer and the seller.
Pet City operates 46 retail stores and 16 veterinary clinics in the Baltic countries including an e-commerce platform operating throughout the Baltic region. The store network consists of 25 stores in Estonia, 13 in Latvia and 8 in Lithuania. On the veterinary clinic side, there are 8 clinics in Estonia, 4 in Latvia and 4 in Lithuania. The aggregated turnover of the acquired operations was EUR 31.5 million in FY 2023 (EUR 28.6 million in FY 2022) and the EBITDA EUR -1.1 million (EUR -0.7 million in FY 2022). In FY 2023 Pet City had assets amounting 8.7 million (EUR 8.9 million in FY 2022) and liabilities amounting EUR 23.7 million (EUR 21.3 million in FY 2022).
Pet City has a committed team of 472 employees (including part-time) supporting thousands of Pet Parents in the three Baltic countries.
“Firstly, I want to warmly welcome the Pet City team to the Musti pack. I’m extremely excited about what we can achieve together in the growing Baltic market as we share best practices between the Nordics and the Baltic markets. The move into the Baltics represents a natural next step for international expansion, and the first acquisition for Musti as a part of the Sonae Group” – David Rönnberg, CEO Musti Group.
Additional information:
Robert Berglund
CFO
Tel. +358 50 534 8657
Martin Svedholm
Director, Treasury and Investor Relations
Tel. +358 50 579 0324
Distribution:
Nasdaq Helsinki
Main media
www.mustigroup.com
Musti Group in brief
Musti makes the life of pets and their owners easier, safer and more fun. We are the leading Nordic pet care company, and we operate an omnichannel business model to cater for the needs of pets and their owners across Finland, Sweden and Norway. We offer a wide, curated assortment of pet products. We also provide pet care services such as grooming, training and veterinary services in selected locations.
Musti Group’s net sales were EUR 426 million in the financial year 2023. At the end of the financial year 2023, the company had 1,643 employees, 1.5 million loyal customers and 342 stores.
