EQT joins H&F in Zooplus race with EUR 3.36bn bid

Harriet Matthews
27 September 2021

Tweet
Facebook
LinkedIn
Google plus
Send to

EQT Private Equity has made a voluntary takeover offer for Germany-based online pet products retailer Zooplus of EUR 470 per share, surpassing the EUR 460 per share offer made by Hellman & Friedman (H&F) earlier in September.

EQT's offer values Zooplus at EUR 3.36bn. The GP has made its offer via its Pet BidCo holding company, which is owned by EQT IX. The fund held a final close in April 2021 on EUR 15.6bn and generally deploys equity tickets in the EUR 150m-1bn range. The vehicle will be 65-70% deployed subject to the completion of the offer.

The offer represents a 69% uplift on Zooplus' last unaffected share price on 12 August 2021, prior to H&F's first takeover offer.

Zooplus confirmed in a statement that its supervisory board has welcomed the offer. Completion of the offer remains subject to the minimum acceptance threshold of 50% plus one share.

EQT said in a statement that it expects Zooplus to benefit from its experience in the pet care sector, which has seen the GP invest in companies including UK-based veterinary services provider IVC Evidensia. Should the offer be successful, EQT intends to support Zooplus with the development of its current platform, as well as with investment in areas including logistics, and new products and services.

H&F made its first voluntary public takeover offer for Zooplus in August, offering EUR 390 per share for a valuation of EUR 3bn. The GP increased its offer on 13 September, this time valuing the company at EUR 3.29bn, as reported.

Zooplus first confirmed that it was in talks with EQT on 2 September. The company also confirmed that it was in talks with KKR on 7 September, but the GP subsequently announced that it had left the bidding process after H&F's second offer on 15 September, as reported.

Munich-headquartered Zooplus is an online pet products retailer serving 30 European markets. The company was founded in 1999 and listed on the Frankfurt Stock Exchange in 2008. At the time of its listing, Zooplus posted turnover of around EUR 55m.

According to its latest annual report, Zooplus posted revenues of EUR 1.8bn and EBITDA of EUR 63.3m in 2020, versus revenues of EUR 1.5bn and EBITDA of EUR 11.8m in 2019. The company employed 768 staff in 2020, versus 713 in 2019, according to the same financial report.