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Greencross

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Greencross
Company typePrivate
IndustryPet products and services
Founded1994
FounderGlen Richards
OwnerTPG Capital
Websitewww.greencrosslimited.com.au

Greencross is an Australian pet care company. It operates the Petbarn, City Farmers and Greencross Vets chains in Australia. It jointly owns the Animates chain in New Zealand with EBOS Group. Founded in 1994 by veterinarian Glen Richards, the company went public on the Australian Securities Exchange in 2007 before being purchased by TPG Capital in 2019.

History

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Greencross was founded in 1994 by veterinarian Glen Richards. While practicing companion animal medicine and surgery in Townsville, he purchased Currajong veterinary hospital. This was the start of Greencross.[1]

The company expanded by purchasing and consolidating veterinary services through Australia and went public on the Australian Securities Exchange in 2007, becoming the first veterinary practice in Australia to do so.[1]

In June 2013, Greencross acquired the Pet Cemetery & Crematorium in Greenbank for $1.45 million.[2] In 2014, Greencross acquired Mammoth Pet Holdings, the parent of the Petbarn chain in Australia and the Animates chain New Zealand.[3]

In February 2019, it was announced that TPG Capital would purchase Greencross and take it private for A$675 million in cash and scrip.[4]

In February 2022, TPG sold a 45 per cent stake in Greencross to AustralianSuper and the Healthcare of Ontario Pension Plan.[5][6]

In April 2023, Greencross acquired Habitat Pet Supplies, a Melbourne-based pet store chain with five stores. Greencross plans to merge it with its Petbarn business.[6]

In late 2023, EBOS Group attempted to purchase Greencross for A$3.75 billion. However, the deal was called off after weak demand from EBOS's investors to fund the takeover.[7]

Divisions

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A Petbarn and Greencross Vet adjacent to each other in Cannington, Western Australia
  • Petbarn – Australian pet store chain[3]
  • City Farmers[5]
  • Greencross Vets[5]
  • Animates – New Zealand pet store chain.[3] The chain is a 50-50 joint venture with EBOS Group.[8]

References

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  1. ^ a b McCullough, James (14 May 2007). "Vet empire listing a first". The Courier Mail. Retrieved 22 August 2017.
  2. ^ "Criterion puts its pet stock Greencross Vets under review". The Australian. 6 June 2013. Retrieved 18 November 2024.
  3. ^ a b c "Greencross takes on Mammoth purchase". The Australian. 15 November 2013. Retrieved 14 April 2023.
  4. ^ LaFrenz, Carrie (6 February 2019). "TPG nabs Greencross pets and vets group". Australian Financial Review. Retrieved 14 April 2023.
  5. ^ a b c Macdonald, Anthony; Thompson, Sarah; Sood, Kanika (21 February 2022). "AustralianSuper barking mad about TPG Capital's Greencross". Australian Financial Review. Retrieved 14 April 2023.
  6. ^ a b Thompson, Sarah; Sood, Kanika; Rapaport, Emma (13 April 2023). "TPG-backed Greencross buys pet retailer, bulks up vet hospitals". Australian Financial Review. Retrieved 14 April 2023.
  7. ^ Murdoch, Scott; Ojha, Ayushman (22 November 2023). "NZ's EBOS dumps $2.4 bln Greencross buyout on weak investor demand". Reuters. Retrieved 21 January 2024.
  8. ^ "Big-brand tenant in prime Hastings location". Colliers. 14 March 2023. Retrieved 18 November 2024.
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