Morningstar | Greencross Likely to be Snapped up by Private Equity
Greencross is the dominant player in the pet care retailing and veterinary service industry. The company is a consolidator and has secured an approximate 9% share of the highly fragmented market, which should continue growing, both organically and through acquisitions. The industry fundamentals are strong, with increasing humanisation of pets and premiumisation of pet foods likely to drive growth in spending per pet. With its one-stop-shop model, Greencross is well placed to capitalise on this trend. The firm currently has around 250 retail stores, which also offer grooming, washing, boarding, and adoption, and 200 veterinary clinics, which provide general consultations, surgery, animal behaviour training, dermatology, cardiology, ophthalmology, and dentistry. We expect the integration of services within the retail store network to drive cross-selling opportunities and scale benefits.Greencross is a pet care company providing veterinary services. Co. provides a network of retail stores, veterinary clinics, grooming salons and dog-wash facilities across Australia and New Zealand. As of June 30 2016, Co. had over 220 stores operating under the brands Petbarn and City Farmers and over 150 clinics including general practices, specialty and emergency centres. Co. also provides a range of additional pet care services such as crematoria, pet adoption, puppy behavioral training, pet insurance and pet hotels. In addition to selling pet food and accessories via its store and clinic network, Co. also has an online business serving the Australian and New Zealand pet care market.
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