Seller: Pets at Home
Buyer: Kohlberg Kravis Roberts
Price: $1,124,000,000 (estimated)
Terms: Leveraged Buyout
KKR & Co. acquired U.K. retailer Pets at Home for an estimated $1.1 billion. The deal will attract some attention from the private equity community as more firms looks to employ cash reserves. The pet industry’s strong performance throughout the economic downturn should keep the momentum going and an increasing interest in the industry should be expected. Accodring to www.telegraph.co.uk, the deal signifies a loosening of the debt markets. The debt is close to around 5.5 times projected EBITDA for the year to March 2010, a relatively safe level compared to deals at the height of the credit boom.
Accoudring to Bloomberg.com, KKR’s John Pfeffer said “We are enthusiastic about the significant further potential for Pets at Home to grow, develop and continue to delver its unmatched breadth of products, store environment, competitive pricing and customer service.”
thedealhound.wordpress.com 
