TDR Capital acquires majority stake in pet retailer Jollyes
Private equity firm TDR Capital has acquired a majority stake in the Jollyes pet retailer.
Expected to complete by the end of April, the deal will enable Jollyes to accelerate its new store opening plans and will also result in Andy Bond, chairman of Pepco Group and former chief executive of Asda, becoming its non-executive chairman.
Jollyes chief executive Joe Wykes 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.
“Andy’s retail credentials and ‘know-how’ in the value sector make him an ideal chair for Jollyes, customers and colleagues. I’m looking forward to his counsel and guidance as we continue to grow at pace.”
In an acquisition from Kester Capital, TDR Capital will take a majority stake in Jollyes alongside Bond and Jollyes’ management.
Under Kester’s ownership, Jollyes has expanded its network of stores from 64 to 100 and doubled its revenue and profit since 2018.
Adam Maidment, managing partner at Kester Capital, said: “I’m incredibly proud of what we have achieved with Jollyes. We have doubled the workforce, doubled the revenue and more than doubled the profitability, building one of the largest specialty pet retailers in the country.
“It has been a pleasure to work alongside Joe, Richard and the wider team over the last six years. We wish the management team and the business every success for the future.”
