November 3, 2023
Translink Corporate Finance South Africa acted as the financial advisor to Woolworths Holdings Limited in its proposed acquisition of 93.45% of the shares in Absolute Pets from Sanlam Private Equity Mid-Market Fund I and Absolute Pets management. The remaining management-retained shareholding will be acquired by Woolworths over an agreed period.
Woolworths is one of the largest retailers in South Africa and is listed on the JSE Limited Securities Exchange. Absolute Pets was established in 2005 and has become South Africa’s leading specialist pet food and care retailer, with over 150 stores nationwide.
Pet care is an attractive and rapidly developing market, with substantial growth potential. It is also an increasingly important category for Woolworths customers, who consider their pets an integral part of their families. Absolute Pets has a complementary brand positioning, a well-established market presence, and is led by a strong management team. The acquisition of Absolute Pets will accelerate Woolworths’ pet strategy by bringing together two strategically aligned businesses and positioning the Woolworths group well to become the end-to-end pet care destination of choice, in South Africa.
The existing Absolute Pets management team will continue to lead and operate the business under the Absolute Pets brand, with the full benefit and support that being part of the Woolworths group provides.
The conclusion of the transaction is subject to the fulfilment of both regulatory and commercial suspensive conditions customary of a transaction of this nature, including competition authority approval
Contact our Team Members advising in this transaction:
Translink Corporate Finance is an independent partnership of firms dedicated to Corporate Finance and M&A advisory services through over 35 offices in the key markets in Europe, North and South America, Asia, Australia, and Africa. Translink has been successful in advising clients on thousands of transactions since its founding in 1972 and Translink offices have acted as advisers in over 100 M&A projects during the last twelve months.
Translink Corporate Finance in South Africa is based in what some have dubbed “The most beautiful city in the world”, Cape Town. Our partners have concluded deals in a multitude of African countries and cover the entire sub-Saharan Africa. Transactions in Africa can be challenging, and our deep local knowledge of cultural nuances and local business dynamics assists our clients to achieve a common understanding with targets and buyers. We help our clients navigate the intricate corporate social responsibility aspects of transactions, such as Black Economic Empowerment, which are is an important consideration in Africa. South Africa is Africa’s economic powerhouse and for many of our multinational clients serve as a platform for further expansion in Africa with its massive untapped youth market and growing middle class.
John Blake
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