Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the mid-market, has acquired Pet Supplies Plus (PSP), the third largest pet specialty chain in the US and the largest “independent” pet-specialty operator.
Terms of the transaction have not been disclosed.
Founded in 1988 and headquartered in Livonia, Michigan, PSP is a leading franchisor and operator of pet-specialty stores that provide a customer-centric shopping experience in smaller stores that have a neighbourhood feel. PSP blends the advantages of national scale with those of a friendly, local neighbourhood pet store. Stores have a streamlined design, which makes them easy to navigate, and a wide assortment of natural foods, hard goods, and pet services. Serving 33 states, PSP’s system comprises 448 stores, split evenly between franchised and company-owned locations. PSP also operates a distribution network with significant buying power that provides scale, profitability, and competitive operational advantages to its franchisees. Pet Supplies Plus is recognised by Entrepreneur magazine as the top full-service pet supplies franchise for its excellent performance, financial strength and stability, growth rate, and system size.
“PSP is the No1 pet franchise system in the US with an expanding footprint and a large white-space opportunity,” says Marc Buan, a Sentinel Principal. “The pet industry is very attractive due to its stability, growth, and passionate consumer base. PSP has a strong position in the pet retail segment and a very loyal customer base. Led by a highly committed and talented management team, PSP has delivered consistent performance and steady growth. We are excited to partner with PSP during the next phase of its growth.”
“PSP combines the convenience, expertise, and high-touch experience of a local neighbourhood pet store with the curated selection and value of a national player,” says Chris Rowland, CEO of Pet Supplies Plus. “We look forward to partnering with Sentinel, a firm with deep franchising expertise, to help us drive revenue growth and geographic expansion.”
