Quick exit for Quadrant in pet services
Nine months ago, the bidding process ended for City Farmers, Australia’s third-largest pet services business. Number two player Petbarn lost out to Quadrant Private Equity. A couple of months after that Petbarn joined forces with Greencross, the country’s leading veterinary services provider. Both Quadrant and Greencross placed their acquisitions in the context of the “humanization” of pets in Australia, tapping an industry now worth A$7 billion ($6.6 billion) and growing at 5% per year.
Last week, domestically-listed Greencross agreed to buy City Farmers for A$205 million, comprising A$155 million in cash and A$50 million in stock. Having paid A$93 million for an 87% stake in the business,...
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