Woolworths Group has sought regulatory clearance from Commerce Commission New Zealand to buy a 55 per cent stake in PetStock.
In December last year, the retailer dropped $586 million on PetStock’s owner – Petspiration to deepen its investment in the pet industry. Now the nation\’s competition regulator is investigating whether the takeover of the New Zealand operations may reduce competition in the pet care sector.
Brad Banducci, CEO of Woolworths Group, said: “Specialty pet is a logical adjacency given the high penetration of pet ownership across Australia and New Zealand.”
PetStock New Zealand’s subsidiary operates 15 physical stores and websites such as Petstock.co.nz, Pet.co.nz and Petpost.co.nz.
The company sells a range of pet products including pet food, accessories and health products and offers advice and related services pertaining to veterinary, pet grooming, water testing and training.
