December 7 (SeeNews) - Croatia-based pet care company Pet Network International (PNI) said on Wednesday that it has agreed to acquire omnichannel pet retailer Zoo Group Stefanov in Bulgaria, combining operations to create a business with over 30 stores nationwide.
PNI's Maxi Pet stores located in Sofia, Plovdiv, Varna and Shumen will be consolidated under the Nechoveshki magazini - Dr Stefanov brand, which is behind 29 stores and an e-commerce platform, PNI said in a press release.
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The financial details of the transaction were not divulged.
Next week, a new pet care megastore will be opened in the renovated supermarket Fantastico in the southern part of Sofia, bringing the total number of stores to 35, a PNI spokesman told SeeNews.
Zoo Group Stefanov's current CEO, Mario Ivanov, will take the helm of the merged company in Bulgaria, according to the statement.
"We are proud to announce what is an extremely important deal for us. It strengthens PNI's position in the region and once again proves that growth and investment are our main driving force," PNI's chief executive Timo Tervo said.
PNI also offers Click&Collect services, veterinary clinics and pharmacies.
The strong synergies between the two companies are expected to drive a significant growth in operations, Ivanov added.
PNI also announced the acquisition of Croatian pet care retailer Zvjerinjak, which was founded in 2013. This deal will expand PNI’s presence and customer base in Zagreb, with Zvjerinjak stores to be converted to the Pet Centar banner over the next few months.
Zagreb-headquartered PNI is a major pet care retail group in the Southeast Europe (SEE) region, operating operates over 200 directly-owned stores. It was formed in 2018 by combining existing top sector players in the markets of Croatia, Slovenia, Romania and Serbia. The company opened its first Maxi Pet store in Bulgaria in 2020. Its other store brands in SEE are Pet Centar, Animax and Mr. Pet.
Zoo Group Stefanov was founded in 2009 and in addition to its Bulgarian network of shops, operates the zoomagazin.eu platform.
Last year, The Rohatyn Group (TRG) divested PNI to private equity firm A&M Capital Europe.