Petfood and pet healthcare company Maxi Zoo Ireland has bought Irish-owned rival Equipet, taking over its stores and online business.
Maxi Zoo said the acquisition will enable the Irish subsidiary of the Fressnapf Group to accelerate future growth with an expanded and geographically enlarged store network.
As a result of the acquisition, Maxi Zoo Ireland will have a combined retail network of 29 stores nationwide, 285 employees and an online store. "Both parties are working closely together to plan and ensure a smooth transition for all involved," it said in a statement.
It said both companies have mutually agreed not to disclose the financial details of the acquisition.
Accounts for Equipet Retail Ltd shows a profit for the financial year ended December 31st, 2019, of €252,466. During the same period Maxi Zoo Ireland recorded profits of €603,653 on turnover of €22.4 million.
Sven Girmendonk, Regional Operations Officer of the Fressnapf Group, said: "Our goal will be to double our annual turnover of more than €30 million in the medium term year and to build more than 50 stores in perspective.”
Prior to the acquisition, Equipet had eight retail stores, 92 employees and an online store.
Equipet directors Ian McCaffrey, Malachy Byrne and Martin Kennedy said they worked closely with Maxi Zoo Ireland for several months before the acquisition was officially completed on Monday, November 1st, 2021.
Ian McCaffrey said:, “It was very important to us that our brand and the teams we have built over the past 15 years are in good hands. The vision and core values of the Fressnapf Group fit us perfectly and we know that our teams and stores will be well taken care of and will continue to provide exceptional service to our customers.”