Private equity firm Kohlberg Kravis Roberts (KKR) almost halved its stake in Pets at Home by selling 61 million shares and raising £119 million. Financial Times reported the equity firm now owns a 12.4 percent stake in the pet retail chain with 62 million shares. KKR must wait 60 days before it can sell more shares. Pets at home closed the day with share prices down 7.74 percent.
KKR sold shares at 195p each, below the share’s debut price of 245p and much lower than 267p which is the price it sold shares at in 2015 generating around £288m.The Times reported executives at KKR believe it has generated profits of 80 percent on its initial investment in the pet products retailer.
Pets at Home reported revenues of £834.2m in its 2017 shareholder report, up 7.2 percent from 2016. It registered a store count of 450 at the end of 2017.