The business will continue to operate under the same brand. Credit: Ossewa/commons.wikipedia.org.

South African retailer Woolworths Holdings Limited (WHL) has revealed plans to purchase 93.45% of the shares in Absolute Pets.

Established in 2005, Absolute Pets is a privately owned specialist pet care retail company in South Africa with a network of more than 150 stores.

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The acquisition will expedite Woolworths’ pet strategy by integrating the two strategically aligned businesses, making the store a major pet care destination in South Africa.

Financial terms of the transaction have not been disclosed.

WHL Group CEO Roy Bagattini stated: “Absolute Pets and Woolies are a natural fit. Both have a strong commitment to excellence and quality.

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“The Absolute Pets brand has earned the trust of pet owners across South Africa, and I am truly excited by the opportunities our partnership brings to leverage our joint strengths and expertise to provide even more customers with the best overall pet service and experience in the market.”

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WHL acquired the company from Sanlam Private Equity and Absolute Pets management. It will acquire the remaining management-retained shareholding over an agreed period following completion.

Absolute Pets CEO Stephen Warner and the current management team will continue to operate and lead the business under the same brand.

Completion of the deal is subject to the fulfilment of both regulatory and commercial suspensive conditions, including competition authority approval in South Africa.

Stephen Warner stated: “We are delighted to be joining forces with a brand like Woolworths, whose vision and values are so closely aligned with our own. We look forward to embarking on this journey of growth and collaboration together, as we continue to enrich the lives of pets and their loving owners.”