Today, more and more began to private equity investment company will invest tentacles into the pet industry and pet-related consumer market appeal can not be ignored.
bring pet business, a field in the value of 1.4 billion U.S. dollars in the acquisition, it is amazing feeling. Let us also realize that pet business is not as we expected chipping away,ugg online, seemingly small business but have a great tricks.
2010 年 1 27,cheap ugg, to focus on pet business, Pets at Home company signed a purchase agreement with KKR, Bridge Point Capital (Bridgepoint Capital) to its portfolio companies to Pets at Home to 1.4 billion sale to U.S. giant merger KKR. In the acquisition, KKR hired investment bank Nomura of Japan (Nomura) to provide consultancy services and also plans to Nomura Securities, France, Calyon Bank (Calyon), and KKR's capital markets business unit to complete the acquisition financing .
KKR is willing to pay for such a big deal, nothing more than the market value of the future development of the pet. According to American Pet Products Association (American Pet Products Association) to provide the data show that in 2008, pet supplies and pet consumption of non-prescription drugs reached 10.3 billion U.S. dollars, an increase of more than 5.1% the previous year. The impact of the economic crisis in 2009, pet supplies and pet non-prescription drugs consumption growth was only 2%, but American Pet Products Association estimated in 2010 that the market will have more positive development, related spending growth will not be less than 2 %.
8-fold return on
2004, the bridge point capital worth 483 million U.S. dollars involved in the acquisition of Pets at Home of the transaction, even though the bridge point capital injection Pets at Home of the specific amount of funds was not disclosed, but according to January 27, 2010 Bridge point statement issued capital show, you can still glimpse the little clues. It is reported that in the exit, this home to sell pet food and pet accessories store based capital for the bridge point earned more than 8 times earnings, and among the largest since the beginning of 2009 the amount of the transaction, the top six.
in out of the market downturn, private equity firms feel insecure moment, can get 2-4 times the original investment returns have been seen as a very substantial income. Pets at Home more than eight-fold return on investment in today's environment, more and more out of recession appear dazzling.
industry analysis,ugg online, the Pets at Home exit access to such huge returns, because the company in a niche market (less competition), while the market despite the enormous impact of the global economic crisis, but those favorite pets, and poor economic conditions have not reduced the expenditure spent on pets.
Pets at Home sells products not only conventional articles but also includes pet first aid kit, pet and pet travel mugs and other fans. As of March 31, 2009, Pets at Home before interest, taxes, depreciation and amortization profit of 1 billion U.S. dollars, in 2004 before interest, taxes, depreciation and amortization more than 3 times the profit . Pets at Home spokesman also announced projected to March 31, 2010,ugg boots uk, the company's earnings before interest, taxes, depreciation and amortization is expected to reach 123 million U.S. dollars profit.
Bridge Point Capital for the withdrawal of the Pets at Home to take a two-track approach to operations, that is to start private equity market, the traditional auction sale, but also do well in the open market for IPO's initial operation. Be informed sources, the bridge point hired JP Morgan Cazenove Capital (JP Morgan Cazenove) as co-investors, underwriters and joint global coordinator. After this, Pets at Home has hired Goldman Sachs and Royal Bank of Scotland as a potential IPO, the underwriters and joint global co-coordinator. This dual method of operation is conducive to transfer of assets for sale are attracting more attention, while also looking at all the auction the highest bidder among those buyers.
in the first round of bidding, the Bridge Point Capital rejected all bids below the 1.18 billion U.S. dollars of the bidders.
Texas Pacific Group, Bai-depth company and Bain Capital also participated in the final round of Pets at Home's bid. But in the end since this bridge point KKR capital to the final bid deadline day signing of merger agreement, which won the deal.
loan market recovery signals
this 1.4 billion merger, or the loan market to some extent a barometer of whether or not the recovery. PE does not love strange pet.
Not long ago,cheap australia ugg boots, there are claims
bankers have said, if KKR in January 2010 to last week successfully raised 730 million U.S. dollars of loans, that will mean the leveraged loan market will soon enter the recovery phase. At present, KKR has acquired Pets at Home successfully raised 500 million U.S. dollars in senior loans and 1.8 billion mezzanine fund.
Many bankers believe that the industry
loan too bold, because the loan is about Pets at Home estimated 123 million U.S. dollars before interest, taxes, depreciation and amortization of 5.5 times profit. Some people think that constantly circle the retail area, KKR to make such investments is undoubtedly a highly risky behavior.
but who is familiar with the deal is very optimistic about the industry, in the KKR deal completed in less than half the net asset value Pets at Home prices reached an acquisition agreement, which the lenders involved in this transaction it also greatly reduces the risk, while KKR is also profitable, the industry source said.
Help Pets at Home, a collection of the loan, said bankers involved in the loan lenders have shown for this transaction a very positive attitude. He believes that if this came from Nomura Securities, France, Calyon and KKR's capital markets business unit to successfully place the loan, which is no doubt the leveraged loan market, the recovery has a meaningful significance.
However, not all private equity transactions will involve a loan like this too bold, for example, other incidents over the same period a deal, Warburg Pincus Investment Group from its competitors Montague Private Equity acquired the world's largest civilian Air navigation equipment manufacturers UK Survitec, this acquisition is not used on such a high percentage of the loan.
formed by the seven banks Financial Group only available to the trading of 1.9 billion dollars in loans, this is just Survitec company before interest, taxes, depreciation and amortization of 3.7 times profit. This line of credit more in line with market standards in 2009.
However, there are two familiar with the Warburg Pincus acquisition transactions, bankers say, Survitec loan program the company launched earlier than Pets at Home, which is caused by the low percentage of transactions in one of the reasons lending. At present more and more lenders willing to provide a more private equity investment company high loan. This shows that the leveraged loan market has indeed emerged signs of recovery.
2009 of the global businesses are facing a year of life and death, but Pets at Home's revenue still rose by 20%.
therefore bankers pointed out that despite the loan be in the retail field, and the proportion of loans are for a higher loan amount, but have to admit, Pets at Home is a global economic crisis experienced stress,ugg boots sale, the major was the whole win business. The pet industry for the stable development of the acquisition to provide confidence.
Pet Industry Spring
U.S. pet health insurance providers Embrace Pet Insurance company CEO Laura? Bennett (Laura Bennett) is expected in 2010 associated with the pet industry, small business will continue to be caused by the economic downturn in consumer spending in impact. But after a year of experience in 2009, and various other consumer areas, pet related industries show a slight increase in sales of the industry recession resistant.
With the aging of the global population growing, more and more families to choose a pet to fill the position of the family children, so there will be more and more consumers are willing to buy for their high quality pet necessities such as food, dog belt, bedding, etc., such products will become the major consumer products coming year. The aftermath of the economic crisis, professional high-end pet store will face some difficulties.
issued by the American Pet Products Association data show that 2009 was only spent on pet services cost 3.4 billion U.S. dollars, an increase of 6% in 2008, and this data will continue to grow in 2010. Pet SPA, sports programs and accommodation services, the future rapid development in urban areas, pet, especially dog day care services in 2010 will be the more obvious areas of earnings growth. Supermarkets Big Hengwoerma also be joined this year will be set up in stores in area pet care, pet care services provided to facilitate the consumers to go out together with a pet.
pet medical and health services is another obvious area of growth in 2009, involved in the field of consumption and increased in 2008 compared to 9.9%. The pet insurance industry is also an area of rapid expansion, in 2009 the scale of U.S. pet insurance market to reach 332 million U.S. dollars, while the size of the market in 2008 was only 272 million U.S. dollars. Bennett believes that the size of the market in 2010 is expected to reach 400 million U.S. dollars, \Well, private equity firms are expected on the pet insurance companies in 2010 dropped the first single. \
Overall, in 2010 with the pet-related areas, development will be major players in the market more quickly. The first and the second largest U.S. supermarket chain Wal-Mart and Target are expanding in 2010 choose their pet area,australia ugg boots sale, especially Wal-Mart will also strengthen the pet services business. The large-scale professional pet retailers, such as PetSmart will continue to improve foster care services, including pet hotels and pet services, including business development.
not difficult to see, in 2010, driven by the pet-related business spending expected to rise, the development of the field will become more diversified.
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