Buyout (LBO, MBO, MBI) • Retail

3i Private Equity and ICG Acquire Pets at Home Group

On December 1, 1999, private equity firm 3i Private Equity and mezzanine finance firm ICG acquired retailer Pets at Home Group

Acquisition Context
  • This is 3i Private Equity’s 1st and ICG’s 2nd transaction in the Retail sector.
  • This is 3i Private Equity’s 14th and ICG’s 26th transaction in the United Kingdom.
Investment Fate
  • Pets at Home Group was sold to a consortium of financial buyers in 2004 for 230M GBP.
  • Pets at Home Group was sold to a consortium of financial buyers in 2010 for 955M GBP.
  • Pets at Home Group went public in 2014.

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M&A Deal Summary

Date December 1, 1999
Target Pets at Home Group
Sector Retail
Buyer(s) 3i Private Equity
ICG
Deal Type Buyout (LBO, MBO, MBI)

Target Company

Pets at Home Group

Handforth, United Kingdom
Pets at Home Group is a specialist retailer of pet food, pet related products and accessories. Pets at Home was founded in 1991 and is based in Handforth, the United Kingdom.
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Buyers Overview 2

Buyer

3i Private Equity

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1945
PE ASSETS 21.0B GBP
Size Mega
Type Sector Agnostic
DESCRIPTION

3i Private Equity is the private equity arm of 3i Group, a publicly held, global investment firm focused on private equity and infrastructure investing. 3i Private Equity generally targets buyout and growth capital financings and looks for opportunities across Europe, North America, and Asia. The Firm's targeted transaction range is €100 to €500 million. Industries of interest include business services, healthcare, consumer, media, oil/gas & power, technology, and financial services. 3i Group was originally formed in 1945 and is based in London.


Deal Context for Buyer #
Overall 18 of 251
Sector: Retail 1 of 13
Type: Buyout (LBO, MBO, MBI) 15 of 115
Country: United Kingdom 14 of 70
Year: 1999 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-10-01 Segur Ibérica S.A.

Madrid, Spain

Segur Ibérica, S.A. is a provider of surveillance, auxiliary and advice services in the field of private security. Segur Ibérica was founded in 1978 and is based in Madrid, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-01-01 Carre Blanc

Roanne, France

Carre Blanc is a specialist retailer of household linen (bed, bathroom, and table linen) in the mid to high-end range. The group sells its products through over 250 owned or franchised outlets. Carre Blanc was founded in 1982 and is based in Roanne, France.

Buy -
Buyer

ICG

London, United Kingdom

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 33.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


Deal Context for Buyer #
Overall 54 of 294
Sector: Retail 2 of 12
Type: Buyout (LBO, MBO, MBI) 44 of 112
Country: United Kingdom 26 of 81
Year: 1999 13 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-11-01 Norcros

Wilmslow, United Kingdom

Norcros is a construction and building material supplier. Norcros was founded in 1999 and is based in Wilmslow, England.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-01-01 Tunstall

Whitley Bridge, United Kingdom

Tunstall is a provider of telecare/telehealth solutions. Tunstall works with social care providers, healthcare services, housing and retirement living providers and charities in 19 countries, improving the lives of more than five million people, including those living with dementia, learning disabilities, physical disabilities and long-term health conditions. Tunstall was founded in 1957 and is based in Whitley Bridge, United Kingdom.

Sell -