Page 29 - PET worldwide issue 01/2022

Joint acquisition

of Zooplus

The takeover battle for Zooplus AG has had a happy ending.
Europe’s leading online retailer for pet products looks likely to
be delisted soon.

After trying to outbid one another interest, taxes, depreciation and ros). Overall sales in the first
since August, the two financial amortisation of intangible assets nine months of 2021 came to
investors, Hellman & Friedman (EBITDA) for fiscal 2021 as a 1 516.2 mio euros (same period
(H&F) and EQT, finally decided to whole. Earnings of 20 to 35 mio in 2020: 1 298.9 mio euros). The
cooperate with one another. They euros are now expected instead company’s private label busi-
presented the shareholders with of the 40 to 80 mio euros previ- ness contributed 17.6 per cent
an improved takeover bid of 480 ously anticipated. The sales fore- to total sales in the first nine
euros per share, an increase of cast for 2021, expected to be in a months (same period in the pre-
ten euros over the previous bid. range between 2.04 bn and 2.14 vious year: 15.8 per cent). Gross
The new offer implied an equity bn euros, remained unchanged. profit in the nine months was
valuation for Zooplus of around In fact, the online retailer man- 456.4 mio euros, equivalent to
3.7 bn euros. The deal also pro- aged to continue its business a gross margin of 30.1 per cent
vided for EQT to become a jointly trend in the third quarter of 2021 (same period in 2020: 396.3 mio
controlling partner with the same and consolidated its position as euros, 30.5 per cent). The sales
governance rights (rights with re- Europe’s leading online pet sup- forecast for the full fiscal year The Zooplus board, consisting of
gard to management of the com- plies platform. Sales rose in the 2021 remained unchanged in a (from left) Dr Mischa Ritter,
pany – editor’s note) in a parent third quarter by 18 per cent to range from 2.04 bn to 2.14 bn eu- Dr Cornelius Patt und Andreas
Maueröder, can be highly satisfied
company of Zorro Bidco, a hold- 514 mio euros (same period in ros (previous year: 1.8 bn euros). with the outcome of the takeover
ing company controlled by funds previous year: 436.4 mio eu- n deal.
advising H&F. Zooplus would
then be taken out of the stock
exchange on completion of the
transaction. By the time the sub-
mission period expired on 3 No-
vember, 82 per cent of Zooplus
shareholders had agreed to the
new bid. Around 17 per cent of
irrevocable pre-emption rights
were also taken into account.
Zooplus announced that as
a consequence of the takeover,
one-off transaction costs run-
ning into the double-digit mil-
lion range would be incurred.
As a result, the board lowered
its forecast for earnings before

PET worldwide 1|2022 29

PWW2022-01_Buch.indb 29 04.02.2022 09:48:36