Growth private equity firm TA Associates has acquired a majority interest in Masquepet (Kiwoko) from Corpfin Capital Fund III (Corpfin Capital) and Prince Capital Partners (Prince Capital) who sold an 89.4 per cent stake to TA Associates and the founders of Kiwoko.
Financial terms of the transaction have not been disclosed.
Founded in 2007 by Álvaro Gutiérrez, Javier Osa and Emilio Goyanes, and headquartered in Madrid, Kiwoko is the largest chain of pet care specialty retail stores in Spain. Over the last nine years, and with the financial support of Corpfin Capital and Prince Capital, the founders have grown Kiwoko to become Iberia’s sector leader with approximately 90 stores in Spain and Portugal.
Prince Capital and the founders provided Kiwoko with seed capital to start the business and, in February 2012, invited Corpfin Capital to provide the growth capital required to continue to grow the company. Since then, Kiwoko has successfully implemented an ambitious expansion plan that has resulted in the opening of 43 new stores and 40 vet clinics, the acquisition and integration of several smaller chains, including Guau and Zona Mascota, and the development of a full online business. During this period, Kiwoko generated approximately 700 new jobs and achieved more than 3,000 animal adoptions.
With TA Associates’ support, Kiwoko will seek to capitalize on significant growth opportunities in the Iberian pet care market.
“Kiwoko’s impressive expansion and notable business momentum is a perfect fit for TA’s growth-focused consumer investment strategy,” says Patrick Sader, a Director at TA Associates who will join Kiwoko’s Board of Directors. “We are delighted to partner with Álvaro and Javi to support Kiwoko in its next stage of organic and acquisitive growth.” Christopher Parkin, a Managing Director at TA Associates, will also join Kiwoko’s Board of Directors.
"It has been a privilege for Corpfin Capital to have the opportunity to partner with Prince Capital to support such an extraordinary team of entrepreneurs as Kiwoko’s founders,” says Álvaro Olivares, the Partner at Corpfin Capital responsible for Kiwoko. “TA Associates’ involvement will help Kiwoko rapidly develop to its full potential.”
"We are pleased to have supported Kiwoko through its start-up stage and to have partnered with Corpfin Capital to develop the company into an industry leader led by a talented, engaged management team,” says Jesús Torres, CEO of Prince Capital. “Kiwoko is exemplary of the opportunity for growth and investment in the Spanish retail sector, and we believe TA Associates’ guidance will further the company’s ability to compete with the large European market players.”
"We are very grateful to Corpfin and Prince for their trust and support during the last eight years, and are confident that TA’s support will allow us to expand Kiwoko’s leadership position, helping Spanish and Portuguese pet owners improve the lives of their pets,” says Javier Osa and Álvaro Gutiérrez, co-founders of Kiwoko.
Latham & Watkins served as legal counsel to TA Associates. Alemany, Escalona & De Fuentes served as legal advisor to Corpfin Capital and Prince Capital.
