EQT's Musti ja Mirri buys VetZoo

VetZoo generated revenues of €13m in 2016 and a report by unquote" sister publication Mergermarket estimated the sale price at €22-27m.

EQT said Musti ja Mirri's total sales within e-commerce will double from 7% to 14% as a result of the acquisition.

EQT acquired Musti ja Mirri from Vaaka Partners in December 2014, drawing equity from its €1.1bn EQT Mid Market fund.

Since EQT's investment, Musti ja Mirri has expanded from Finland into Norway and Sweden. In that time, its sales and profitability have both almost double from an EBITDA of €7.6m and €81m in turnover in 2014 to €14m and €154m respectively for 2016.

This growth has been partly organic and partly driven by acquisitions, including the purchase of Zoo Support, the owner of Swedish pet care retailers Arken Zoo and DjurMagazinet, from Braganza.

Company
VetZoo, founded in 2010, is an online retailer of pet supplies with operations in Sweden and Norway. It generates sales exceeding €13m and reports an annual growth rate close to 100%.

People
EQT Partners – Johan Dettel (partner).
Musti ja Mirri – David Rönnberg (CEO).
VetZoo – Lars Martin Norviit (CEO).

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• Topics
• Portfolio management
• Nordics
• Consumer
• Sweden
• EQT