<!–
<!–
<!– <!–
<!–
<!–
<!–
Asda co-owner TDR Capital has acquired control of pet store chain Jollyes.
The private equity firm, which also owns the Stonegate pub group and David Lloyd Leisure, has bought a majority stake from previous owner Kester Capital.
Former Asda boss Andy Bond will become chairman of Jollyes and the company’s management will take stakes in the business.
Jollyes said it can now accelerate its UK expansion plan to take on Pets at Home. It has 99 stores and opens its 100th this week.
Joe Wykes, chief executive, said he has been opening one a month, but can roughly double that after the investment.
Majority stake: Private equity firm TDR Capital has bought a majority stake in pet store chain Jollyes from previous owner Kester Capital.
‘We are very excited to have closed the deal with TDR because we felt they really had a clear understanding of the business and our customers.
“The next phase will involve many aspects, including finding the right sites, but we know there are opportunities.”
He added: “At around 100 sites, for the second largest group, there is still a big gap between us and Pets at Home and its 400-plus stores.”
The acquisition deal is expected to be completed in April.
Gary Lindsay, Managing Partner at TDR Capital, said: ‘We identified a strong business with excellent fundamentals and significant potential to grow even more ambitiously.
“We are confident that Jollyes can further consolidate itself in the sector and increase market competitiveness.”
Adam Maidment, Managing Partner at Kester Capital, said: “I am incredibly proud of what we have achieved with Jollyes.
“We have doubled the workforce, doubled the revenue and more than doubled the profitability.”