Investment firm TPG enters agreement to acquire 100% of Greencross Ltd shares

On Nov. 5, 2018 Greencross Limited – a pet retailer with stores under the brand names of Petbarn and City Farmers in Australia and Animates in New Zealand – announced that it had agreed to sell 100 percent of its shares and entered into a scheme implementation agreement with Vermont, Aus, owned by TPG Capital Asia and TPG Growth. TPG is a leading global private investment firm founded in 1992 with more than US$94 billion of assets under management.

Under the terms of the scheme, Greencross shareholders will be entitled to receive $5.55 per share, subject to all applicable conditions being satisfied or waived and the scheme being implemented.

“In reaching our conclusion that the scheme is in the best interests of shareholders, the Board has considered a number of alternatives, including standalone value creation opportunities and alternative proposals from other potentially interested parties,” said Greencross chairman Stuart James. “Upon assessing the alternatives before it, the Board has unanimously concluded that the scheme is a compelling option which realizes attractive value for our shareholders,” James said. “As a former investor in Petbarn, supporting the growth of the business from 69 stores to more than 298 stores and clinics, we are confident TPG will continue to support the ongoing success of the business,” James added.

TPG’s Head of Australia and New Zealand, Joel Thickins said, “We are pleased to have reached unanimous agreement with the Greencross Board on this proposal. Under private ownership the Greencross business, brands and products will continue to grow and provide world-class services to the increasing number of pet lovers in Australia and New Zealand.”