Page 7 - Food&Drink magazine Feb-Mar 2023

Woolworths: less pubs, more pups
ON the sale of 5.5 per cent
($636 million) of its stake in Endeavour Group, Woolworths Group said the proceeds would be used on new investments and general business.
The group didn’t waste time, announcing the acquisition of 55 per cent of Petspiration Group the following day.
Woolworths sold the 5.5 per cent in a block trade for
$6.46 per share, with CEO Brad Banducci saying the decision came after the successful transition from “ownership to partnership” with Endeavour.
The retailer still has a 9.1 per cent stake but said it had no intention for a further selldown in the “short to medium term”.
Woolworths then paid $586 million for 55 per cent of
RIGHT: Petspiration founders Shane and David Young.
Petspiration Group, the owner and operator of PETstock.
The company, founded and based in Ballarat, Victoria, has 276 stores, established ecommerce platforms, a 2.4-million-member loyalty program, and its own brands including Caribu and Glow.
Banducci said, “Specialty pet
is a large and growing retail segment, in which we have limited presence. We are delighted to be investing alongside founders, Shane and David Young.
“It is a logical adjacency given the high penetration of pet ownership across Australia and New Zealand.”
The Australian specialty pet sector is worth around
$10 billion, with strong repeat purchase behaviour.
Roughly 70 per cent of Australian households have at least one pet and spend 28 per cent more on their fur babies than pet owners in the US.
Petspiration will be a stand-alone business in the group, with a separate board and governance structure.
Banducci said Woolies would support Petspirations’ growth through its digital and ecommerce, supply chain, retail media, form and network development, and advanced analytics capabilities.
Von Igram, the newly appointed managing director of W Living, will be responsible for Petspiration and finding ways to increase its value across thegroup. ✷
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Food & Drink Chris A5.indd 1
17/01/2023 17:32:03 www.foodanddrinkbusiness.com.au | February/March 2023 | Food&Drink business | 7