On Dec. 13, 2018, private equity firm Sentinel Capital Partners announced it had acquired Pet Supplies Plus (PSP), the US’ third largest pet specialty retailer. This is the investment firm’s 14th franchise acquisition. Details of the transaction were not revealed.
PSP has a retail footprint across 33 states with a total of 448 stores, some of which are franchises and the rest are owned by the company. Earlier this year, the pet retailer ranked 32 on Entrepreneur magazine’s prestigious Annual Franchise 500 list after opening 33 new franchise stores and 12 new corporate stores in 2017. PSP also operates a distribution network with significant buying power that provides scale, profitability and competitive operational advantages to its franchisees.
“PSP is the #1 pet franchise system in the US with an expanding footprint and a large white-space opportunity,” said Marc Buan, a Sentinel Principal. “The pet industry is very attractive due to its stability, growth and passionate consumer base. PSP has a strong position in the pet retail segment and a very loyal customer base. Led by a highly committed and talented management team, PSP has delivered consistent performance and steady growth. We are excited to partner with PSP during the next phase of its growth,” Buan said.
Chris Rowland, CEO of PSP, said, “PSP combines the convenience, expertise and high-touch experience of a local neighborhood pet store with the curated selection and value of a national player. We look forward to partnering with Sentinel, a firm with deep franchising expertise, to help us drive revenue growth and geographic expansion.”
PSP will join Sentinel’s portfolio of franchise investments that include companies such as Border Foods, Captain D’s, Southern California Pizza, Massage Envy and Cottman Transmission Systems.