Kester Capital backs management buy-out of Jollyes Retail Group Limited
29 May 2018
Jollyes Retail Group Limited (“Jollyes”), a leading UK pet retailer, has been acquired in a management buyout backed by Kester Capital, an independent mid-market private equity firm.
Founded in 1935, Jollyes is the UK’s second largest pet retailer with a portfolio of over 70 superstores and concessions across the UK. Jollyes focuses on providing its loyal and growing customer base with pet products and services that combine great quality and value and over time has developed a very successful range of own brand products, including its K9 and Lifestage brands. Jollyes has also recently expanded its offering to customers to include grooming and veterinary services in store.
Following the acquisition, David Hutchinson will take over as CEO. David has held senior executive roles in a number of retail businesses in the UK and overseas, most recently at Greencross Limited, Australia’s leading pet retailer and veterinary services provider.
David Hutchinson, CEO, commented: “Jollyes is a fantastic retail business showing consistent growth and providing its customers and their pets with a wide range of products and services. I look forward to building on the great work of the previous owners and to continuing to provide the best value one-stop pet care offer in the market.”
Nick Pollard, owner and outgoing Managing Director, added: “I am delighted to be passing on Jollyes to David. I am confident his experience and passion for the sector will preserve and enhance the values of Jollyes in its next phase of growth.”
Adam Maidment, Founding Partner, Kester Capital said: “We have been very impressed by Jollyes strong pet retail offering and congratulate Nick on what he has achieved. We are looking forward to working with David and the team at Jollyes and supporting the business in its growth ambitions.”
Kester Capital was advised on the transaction by: Cornerstone Corporate Finance, Alantra (debt advisory), Travers Smith (legal), OC&C (commercial), Grant Thornton (financial and tax), Savills (property), AJ Gallagher (insurance), Intuitus (IT) and Stevens & Bolton (management legal). HSBC provided debt finance for the transaction.
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