Recently, the Portugal-based multinational company Sonae announced in a press release that the companyWill bid 86.8 billion euros (9US$43.6 billion) to acquire Musti Group ("Musti"), a pet retailer headquartered in Finland
As part of the retail portfolio growth and internationalization strategy,With the acquisition of Musti, Sonae hopes to increase its presence in the pet care retail space。According to Reuters, Sonae had bought a stake in Musti in recent months and had a minority stake ahead of the IPO period.
Data map: Press release issued by Sonae It is reportedThe tender offer is led by Sonae and formed and led the consortium through its subsidiary, Soane Holdings (SGPS, SA), in partnership with Jeffrey D**Id, Chairman of the Board of Directors, Johan Dettel, a member of the Board of Directors, and D**Id R Nnberg, Chief Executive Officerwith the aim of gaining control of the company.
The consortium announced that it would acquire all of Musti's shares through a public tender by a Finnish-registered company, Flybird Holding OyThe acquisition values Mussi's total share capital at approximately 8The €6.8 billion (excluding the 147,566 shares** held by MUSTI) is expected to be acquired** at €26 per share, to be paid in cash。This attractive news puts Sonae shares on Euronext Lisbon**05%。And Musti's share price is nearly 29% on the Helsinki trading market**.
In addition, according to Musti's announcement on this matter, Global Pet Industry Overseas Insight learned that the group believes that Sonae will be capable of leading its company to further development. For example,Through its long-term investments, strong operational knowledge and experience in the retail business and pet care sectors, as well as complementary networks and geographic expansion, it supports the next growth phase of MUSTISegment.
Data map: The announcement issued by Musti Group also pointed out that the acquirer is expected to publish a document containing details of the takeover offer on or about December 15, 2023. The tender offer period is expected to run from December 18, 2023 to February 12, 2024, and is expected to close in the first quarter of 2024, unless the Offeror extends the offer period to satisfy the conditions to complete the Tender Offer, which includes obtaining all necessary regulatory approvals (or the expiration of the regulatory waiting period, as the case may be).
Claudia Azevedo, CEO of SonaE, said:
The acquisition represents a premium valuation and reflects our strong belief in the company, the pet retail industry and the Nordic region, as well as Mussi's strong and experienced management team. ”
For his part, Musti CEO D**id R Nnberg shared his excitement for the "next chapter" of the retailer's journey. It said,The next phase of development "will require further investment and support from a different capital structure".
About Sonae:It is a multinational conglomerateFounded in Portugal in 1959, it has operations in several industries。For example, in the food sector, Sonae is the largest food retailer in Portugal.
Scope of business: Sonae operates in 90 countries, which occupies a leading position in several segments of its main marketsThese include retail (food and non-food), health, health and beauty, real estate, telecommunications, technology, and financial services
Currently, Sonae's portfolio covers:
MC (food).
Worten (Consumer Electronics & Entertainment).
NOS (Telecom Operator).
Sierra (Real Estate).
BrightPixel (Corporate Venture Capital Division).
Zeitreel (sports and clothing).
Universo (financial services), etc.
sonaeLong-term focus on the creation of economic and social valueand to achieve this through an active portfolio management strategy and a strong sense of social and environmental awareness.
Data map: Sonae business in various fieldsPerformance:Through the strong performance of Sonae's businesses, coupled with the respective synergies within the portfolio, Sonae has achieved a strong track record in value creation and financial performance over the years, supported by a stable shareholder structure and a number of successful long-term partnerships with key portfolio companies.
In fiscal 2022, Sonae generated consolidated Group revenues of EUR 7.7 billion, consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) of more than EUR 900 million and net income of 34.2 billion euros
Data map: Sonae FY2022 resultsIn the first nine months of 2023, Sonae generated revenues of more than 6 billion euros, an increase of 104% and 5 for EBITDA8.1 billion euros, up 7% compared to 2022
Data map: Sonae 2023 first three quarter results pet product retail is a fast-growing area,Benefiting from the trend towards adoption and quality care, increased spending per pet, and the "inherent elasticity of food consumption patterns".
According to Sonae,The acquisition is made by increasing investment in the fast-growing and resilient retail sectorPet owners are eager to invest more in "raising" their pets, which will help them strengthen the internationalization and diversification of their portfolios.
Meet Musti: is a leader in the retail market of pet products in the Nordic countries, known for its quality service and diverse products。It can be traced back to 1988 when the first Musti Ja Mirri pet supply store was opened in Tampere, Finland by passionate dog lover and award-winning dog breeder Matti Varpula. Today, Musti is listed on the Helsinki Exchange in Finland (Nadaq Helsinki).
MUSTI Mission:Make the lives of pets and their owners easier, safer, and more fun throughout the pet's lifecycle.
Data map: mustiScope of business: Provide a range of their own exclusive products, in addition to this, for customersProvision of both physical and digital servicesto strengthen sticky customer relationships and differentiate yourself from competitors.
Business Channel: Have a successful omnichannel strategy, providing chain stores and online stores to serve customers。Specifically, it offers omnichannel services to Nordic customers through the Musti Ja Mirri, Musti, Arken Zoo and Djurmagazinet chains, as well as pure-play retail brands such as Peten Koiratarvike and Vetzoo.
With the accelerated expansion of the Nordic region and extensive investment in its digital capabilities,Mussi's customer-centric multi-channel strategy puts the company at the forefront of innovation in the industry
Market layout: Entering the Swedish market in 2012, MUSTI has built a strong platform to drive market expansion。At the beginning of 2015, the company expanded its presence in Sweden after acquiring the franchisees of the pet specialty chains "Arken Zoo" and "Djurmagazinet". The acquisition also includes the beauty salon "Trimmis" and the veterinary chain "Vetris".
At the end of 2016, Musti opened its first store in Norway。In 2017, Musti gained digital capabilities by strengthening its in-house development team with the acquisitions of Vetzoo and Animail.
Owned by stores:According to Musti's financial statements,At present, the total number of musti stores reaches 342。Among them, in Finland, there are more than 120 Musti Ja Mirri stores, focusing on all kinds of pet food and other supplies suitable for daily life and special occasions. In addition, many stores offer a selection of pet care services.
Customer Coverage:musti ownedExclusive loyalty program with over 1.5 million active and repeat customers
Performance:FY 2022,Musti Group's net sales were 391.1 billion euros, an increase of 15 percent;Adjusted EBITDA grew by 137% to 66.9 million euros;Operating profit was 30.9 million euros。In the current period, the companyPossession of 14540,000 loyal customers and 335 stores
Data map: Musti 2022 Annual Financial Report October 2022 September 2023,Musti Group's net sales were 425.7 billion euros, an increase of 89%；Adjusted EBITDA grew by 101%；up to 73.6 million euros;Operating profit was 37.8 million euros, an increase of 224%。At the end of the period, the companyPossession of 15430,000 loyal customers, an increase of 61% and 342 stores, an increase of 21%
Data map: Musti October 2022 September 2023 Financial Report As Sonae said, the Finnish, Swedish and Norwegian markets in which Musti is located present a "solid macroeconomic backdrop", which is characterized by:Household disposable income is compared to the European average, and consumers are showing a growing preference for specialist retailers and channels for purchasing products for pets
Frequent acquisitions in the pet industryIt reflects the phenomenon and trend of the pet industry's integration, capital operation, cross-border cooperation and changes in consumer demand。These phenomena and trends have an important impact and significance on the development of the pet industry.
For example, it may be broughtThe impact of increased market concentration, improved industry standards, and diversification of products and servicesAt the same time, the pet industry is also presentingTrends such as consumption upgrading, personalized demand, intelligent development and green environmental protection
For pets and other related businesses, it is possible through acquisitionsAchieve rapid expansion and increase market share, and enhance its competitiveness and sustainable development capabilities
Original Global Pet Industry Overseas Insight.