Sydney-based PetO to triple revenue to $200m with nationwide purchases

The nation’s largest independently-owned pets chain PetO will more than triple its revenue to about $200 million after purchasing 41 retail stores and 25 vet clinics that was forcibly divested as a result of Woolworths’ acquisition of Petstock.

The acquisition across Victoria, Queensland, Tasmania and WA comes nearly six months after the competition regulator green-lit Woolworths’ bid to take a majority 55 per cent stake in Petstock after the pet chain was forced to divest several locations following concerns about its market dominance.

Established by brothers Nick Greenhalgh and David Rowe in 2006, PetO will now absorb and operate those sites, adding Pet City, Best Friends Pets, My Pet Warehouse and OurVet to its portfolio.

PetO says the move will establish the business as the third largest player in the rapidly growing pets goods and services market, alongside rivals Petbarn and Petstock.

Mr Greenhalgh told The Nightly the family-owned business always had aspirations to expand interstate and nationally.

“We’re going to get right behind the objective of the Australian Competition and Consumer Commission . . . what they wanted to do was establish a clear and credible third player in the pet specialty market,” he said.

“With this acquisition, we will be that clear, and we intend to be credible, number three and that affords us a great deal of opportunity.

“We’re hoping to be a much bigger dog.”

PetO will grow from 17 stores in Sydney to 58 across the country. It will also absorb 25 vet clinics under the Our Vet brand.

“Australia is right now experiencing record levels of pet ownership and increased demand for pet products,” Mr Greenhalgh said.

“At PetO, we think of ourselves as the cat and dog specialists. We know your furry friend is more than just a pet, they’re a member of your family — that’s why our business is centred around exceptional customer experience and expert advice.”

The acquisition will expand PetO’s team tenfold to about 1000 staff. Existing staff from the acquired stores will be retained, with extra positions to be created.

PetO will continue to operate the acquired businesses under their existing brands throughout the transitional periods.

“We respect these brands, they have worked hard to develop strong recognition and their people are experts in their field,” Mr Greenhalgh said.

PetO expects to complete the acquisition on July 1.