Sentinel Capital Partners, a private equity firm that invests in promising lower mid-market companies, is to sell Pet Supplies Plus (PSP), the third largest pet specialty chain in the US, to Franchise Group. The deal is valued at USD700 million.
Sentinel Capital Partners, a private equity firm that invests in promising lower mid-market companies, is to sell Pet Supplies Plus (PSP), the third largest pet specialty chain in the US, to Franchise Group. The deal is valued at USD700 million.
Founded in 1988 and headquartered in Livonia, Michigan, PSP is the 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 proprietary and third-party branded pet foods, hard goods, and pet services. PSP also offers online shopping alternatives with same-day delivery from local stores or kerbside pick-up. PSP 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. Today, PSP’s footprint includes 537 stores covering 36 states, up from 448 stores serving 33 states at the time of Sentinel’s acquisition two years ago.
“We are extremely pleased with PSP’s significant expansion and successful integration of new franchisees into its system,” says Marc Buan, a Sentinel Principal. “PSP is the #1 pet franchisor in the US in an attractive, growing market driven by loyal consumers passionate about pet ownership. We were honoured to work with PSP’s highly committed and talented management team who have superbly positioned the company for continued growth.”
“It was a pleasure to partner with Sentinel as we significantly grew the franchisee base through geographic in-fill and expansion into white space,” says Chris Rowland, CEO of Pet Supplies Plus. “Sentinel’s deep experience investing in franchise-related businesses was a great asset to us throughout this entire period.”
