Home Group Plc’s £108 million Acquisition of Remaining Stake in Pets

Simpson Thacher represented affiliates of Kohlberg Kravis Roberts & Co. L.P. (“KKR”) on the sale of its remaining stake in Pets at Home Group Plc (“Pets at Home”).

The secondary offering, which was effected pursuant to a block trade by way of an accelerated book build, raised gross sale proceeds of approximately £108 million.

Immediately following the IPO of Pets at Home in 2014, KKR had an aggregate shareholding of 46.2% which has been reduced in a series of block trades. This sale has now reduced KKR’s shareholding to zero.

Pets at Home, whose shares are admitted to the premium listing segment of the UKLA’s Official List and to trading on the London Stock Exchange plc’s Main Market for listed securities, is the U.K.’s leading specialist retailer of pet food, accessories and services, operating from 434 stores located across the U.K.

KKR & Co. L.P. is a private equity and real estate investment firm specializing in direct and fund of fund investments in fintech sector. The firm, led by George R. Roberts, Henry Robert Kravis, William J. Janetschek and David J. Sorkin, is based in New York.

The London-based Simpson Thacher team included Adam Signy (Picture), James Connor and Emily Cornhill (U.K. Corporate and Capital Markets); and Nick Shaw (U.S. Capital Markets).

Involved fees earner: Adam Signy – Simpson Thacher & Bartlett; James Connor – Simpson Thacher & Bartlett; Emily Cornhill – Simpson Thacher & Bartlett; Nicholas Shaw – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: KKR;

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