The global private equity giant that acquired Pets at Home for a reported £955m in 2010 and floated the pet supplies retailer in 2014 has sold its remaining stake in the business in a £108m deal.
KKR, which floated the pet supplies retailer in 2014, sold just over 62m shares in the company at 174p a share, raising proceeds of around £108m.
The proceeds of the placing are payable in cash on usual settlement terms, and closing is expected to occur later this month. Merrill Lynch International and Numis acted as joint bookrunners on the placing.
Following completion of the deal, KKR will no longer have any shares in Pets at Home.
Earlier this week, shares in Pets surged after it reported a rise in third-quarter sales and said final guidance was unchanged. In the 12-week period to 4 January 2018, group revenue grew 9.6% to 223.3m, with group like-for-like revenue up 7.2%.
Merchandise revenue rose 9% to £193.4m, including omnichannel revenue up 77% to £13m, while services revenue grew 13.6% to £29.9m, including joint venture vet practice income up 19.3% to £12.1m.
At 3pm today, the shares were down 2% to 181.40p.