Kester backs Jollyes MBO

As part of the deal, the company has appointed David Hutchinson, formerly the chief marketing officer of Australian pet retailer and veterinary services provider Greencross, as its chief executive officer.

Kester is currently investing from Kester Capital Fund II, a 2013-vintage vehicle that typically writes equity cheques of £5-25m.

HSBC provided a debt package to support the transaction.

Company
Founded in 1935, Jollyes is a pet retailer. It operates 70 stores and concessions across the UK. The business recently expanded its services to include in-store pet grooming and veterinary services.

Jollyes generated a turnover of £65.3m in the year ending in May 2017, according to publicly available documents, with an operating profit of £2.8m.

People
Kester Capital – Adam Maidment (founding partner).

Advisers
Equity – Cornerstone Corporate Finance (corporate finance); Alantra, Guy Taylor, Andrew Shellard (debt advisory); Travers Smith (legal); OC&C (commercial due diligence); Grant Thornton (financial due diligence, tax); Savills (property due diligence); AJ Gallagher (insurance due diligence); Intuitus (IT due diligence).
Management – Stevens & Bolton (legal).

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• Topics
• Buyouts
• UK / Ireland
• Consumer
• United Kingdom
• Kester Capital