The owner of Mr Pets, an online retailer of veterinary products approached Avondale to sell their business so they could realign their focus on the veterinary surgery which formed the core of the business. Notably, Mr Pets was the largest seller of its product group through Amazon in the UK.
Avondale’s thorough research of the market to source potential buyers led to significant interest from a range of acquirers. From the 73 interested parties, eight potential purchasers were shortlisted, and subsequent meetings took place to assess the potential fit for the acquirers.
Several offers were received for the business, the ultimate buyer was an online beauty and personal care retailer. Their solid online platform provided an excellent basis for continued growth and the offer price reflected the economies of scale that would benefit the purchaser.
The process was completed in under seven months, to the satisfaction of both parties, and the eventual price paid by the purchaser significantly exceeded the initial valuation for the business.