Business

KKR sells off remaining Pets at Home stake

American private equity firm KKR has sold off its remaining 12.3 percent stake in Pets at Home.

This amounted to 62 million shares in the pet supplies retailer, which fell 2.65 percent in London trading. Shares were worth 174p each at the time, raising £108m.

Merrill Lynch International and Numis Securities acted as joint bookrunners on the placing and the retailer will not receive any of the proceeds of the sale.

The proceeds will be payable in cash on usual settlement terms, and is expected to close later this month.

KKR acquired Pets at Home in 2010, after it bought it from Bridgepoint for £955m and the retailer floated on the stock market in 2014.

Ian Kellett, chief executive officer, said: “We again saw the benefits of our omnichannel capabilities, providing customers with innovative and convenient ways to shop, particularly through order in-store and subscription services. This unique combination of capabilities are brought to life by our store colleagues who provide the friendly expertise, advice and service that our customers really value.”