BC Partners uses special-purpose fund to back Pet City in Greece

The transaction is subject to the receipt of customary regulatory approvals and is expected to close before the end of the year. The founding family will retain a minority stake.

BCPGR has been set up to invest in high-growth SMEs in Greece. BC is already familiar with investing in the country, having previously backed businesses including generic contract development and manufacturing organisation Pharmathen, which BC Partners sold to Partners Group earlier this year in a EUR 1.6bn deal, netting a 4x return.

The GP is also familiar with the pet retail sector, having invested in US-based PetSmart and Chewy, as well as UK vet clinic operator VetPartners.

BC said in a statement that the Greek market is expected to continue to benefit from strong structural growth, as the penetration of pet ownership and pet care spending in Greece converge with European averages.

BC (which owns a minority stake in Unquote publisher Acuris) had not returned a request for comment at the time of publication.

Company
Pet City was founded in 1988 and now serves around 3 million customers in Greece.  The company has achieved double-digit sales growth in recent years across its network of 80 stores and its e-commerce platform, according to a statement.

Advisers
Equity – Deloitte (financial due diligence); Karatzas & Partners (legal).
Company – Ionian Capital (M&A).

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• Topics
• Buyouts
• Southern Europe
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• BC Partners
• Greece