Musti Ja Mirri snaps up Vetzoo, Sweden's online retailer of pet supplies.
The financial details of the transaction remain undisclosed, while the Swedish media estimates a SEK 200-250M ($30M) range for the purchase price.
Vetzoo, founded in 2010 by CEO Lars Martin Norviit, is a native online player, managing a retail platform for pet supplies with operations in Sweden and Norway with sales exceeding EUR 13M ($15M) and an annual growth rate close to 100%. The company was backed by the investment firm Victor & Victor, founded in 2010 by cousins Hans and Per Victor.
Musti ja Mirri, led by CEO David Rönnberg, operates a network of 250 pet specialty stores in Finland, Sweden and Norway - offering a wide range of pet supplies, accessories, foods and adjacent pet related services. The company was acquired by EQT in 2014 and since then Musti ja Mirri has had a strong organic growth into Norway, and into Sweden through the franchise acquisition of the pet stores Arken Zoo and Djurmagazinet, Trimmis grooming salons and the veterinary chain Vettris.
The acquisition of VetZoo will further strengthen Musti ja Mirri’s online offering and is part of the company's aggresive target to reach 20% of revenues from online channels. VetZoo will continue to operate under its current brand. The management team will reinvest into the combined group, demonstrating their commitment to the strategic direction of VetZoo, now under Musti ja Mirri’s ownership.