Pets Corner / Target - PamPurred Pets
Cavendish Corporate Finance, the UK’s leading sell-side mid-market M&A firm, has advised on the acquisition finance to fund the acquisition of PamPurred Pets Holdings Ltd by The Dechado Group (100% owner of Pets Corner) and the refinancing of existing indebtedness.
Established in 1968, under the leadership of Dean Richmond, Pets Corner has developed from a small family business to be one of the UK’s leading up-market pet retailers with approximately £37m in annual sales, offering a quality differentiated product range for pet owners. Pets Corner now consists of 110 sites, which are a combination of high street stores, standalone stores and satellite operations situated inside garden centres.
The acquisition of PamPurred Pets Holdings Ltd significantly expands Pets Corner’s presence in the UK, with an additional 51 stores and approximately £14m in sales now to be integrated into Pets Corner’s operations.
Cavendish Corporate Finance, provided debt advisory services on the acquisition, which comprised a review of the Pets Corner business and forecasts to ascertain debt capacity and debt fundraising options. Cavendish identified and sourced potential lenders for the opportunity and led a competitive process to ensure the best terms were achieved for Pets Corner in funding the acquisition. Additional support was provided in the due diligence process with the preferred lender, including the review of loan documentation and financial covenants, to ensure that the deal closed within the required timetable and Pets Corner secured a flexible funding arrangement.
Dean Richmond, Managing Director of Pets Corner, commented:
“PamPurred Pets’ stores are ideally positioned to complement and enhance our existing portfolio and reach our core customer base. The addition of PamPurred Pets enables us to bring the Pets Corner Difference to new customers whom we hope will enjoy the benefits of our exceptional expert advice and high quality products in a place that is convenient for them.”Cavendish Corporate Finance, the UK’s leading sell-side mid-market M&A firm, has advised on the acquisition finance to fund the acquisition of PamPurred Pets Holdings Ltd by The Dechado Group (100% owner of Pets Corner) and the refinancing of existing indebtedness.
I am delighted that we have secured a new loan facility an that our three existing funders continue to support the business during this challenging period, demonstrating their confidence in Morses Club and our growth and digital diversification strategy.
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