Investors increase Masterpet Corporation stake

Media release
3 April 2008

Investors increase Masterpet Corporation stake

Active Equities and interests associated with Jarden Group and Masterpet Chairman Andrew Meehan have purchased an additional 19.8% of Masterpet Corporation, taking their holding to 69.8%.

This consortium purchased 50% of Masterpet in 2002, an investment that helped accelerate Masterpet’s expansion in Australia, following the company’s purchase of Pets International in Australia in 1998.

Masterpet is now the leading pet accessories distributor in Australasia, with a turnover of around NZ$100 million. The company has 317 staff in New Zealand and Australia.

The parties purchased the shares from Wayne Wootton, who has sold his 25% stake upon retiring after almost 40 years with the company. Senior Masterpet executives purchased the additional 5.2% of the company’s shares.

The remaining 25% of the company is held by Masterpet executive director Brent Wootton.

Masterpet Chairman Andrew Meehan said Masterpet was an outstanding business in a high growth sector.

“We’re delighted to have the opportunity to increase our shareholding and we see considerable room for further growth,” Mr Meehan said.

“Pet ownership and spending on pets continue to grow and it’s one of the few sectors that grows consistently during economic bad times as well as good.”

A particular focus for further growth is the vet industry, for whom Masterpet already provides considerable marketing and sales support, in addition to being the industry’s leading provider of accessories and premium pet food (Eukanuba).

Mr Meehan said the Board was looking to accelerate growth through selective investments in complementary businesses.

ENDS

© Scoop Media