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.
“This deal represents a fantastic opportunity for our investors to support an established and well managed business with an excellent reputation in the facilities management sector. We are delighted with the debt financing package arranged by finnCap, which was a critical element to the completion of the transaction. We were extremely pleased with how the process was managed by the finnCap Debt Advisory Team, which provided us with optionality to select the most appropriate banking partner for CMS.”
The conclusion of the debt refinancing, with the support of finnCap Debt Advisory, is a significant and positive step for Iofina and is the culmination of many months of hard work. The favourable terms of this refinance demonstrate how far Iofina has progressed in recent years, given that the Company has significantly reduced debt, lowered debt interest rates, and secured a strong lending bank partner. With the Company’s balance sheet significantly strengthened by the 7-year term loan in place coupled with the revolving line of credit for future growth, Iofina is focused on operational developments and expanding its production and chemicals product portfolio.
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.
Recent Deals for Consumer & Retail Sector
Cambridge Maintenance Services
Universe Group Plc
Debt Advisory | Plc
Morses Club Plc
Debt Advisory | Plc
Debt Advisory | Private
Kape Technologies Plc
Debt Advisory | Plc