Sonae’s Musti acquires PetCity

Musti, a pet products company owned by Sonae, which operates in the Nordic countries, has acquired PetCity, a counterpart in the Baltic states. The acquisition was announced this Monday and marks Musti’s expansion into new geographies, while reinforcing Sonae’s internationalisation strategy.

PetCity operates 46 retail stores and 16 veterinary clinics in Estonia, Latvia, and Lithuania, including an e-commerce platform that operates throughout the region. With 472 employees, the company achieved an aggregate turnover of €31.5 million last year.

Musti, on the other hand, has 1,600 employees and operates in Finland, Sweden and Norway through 342 stores, having posted net sales of €426 million in 2023. In March, Sonae increased its stake in the company to 80%.

The value of the purchase was not revealed, however PetCity is valued at €18 million. It currently belongs to the Magnum Group. The acquisition is expected to be completed in 2024.

“The acquisition of PetCity is an important milestone in the execution of our growth strategy for Musti. With the entry into the Baltic countries of Estonia, Latvia and Lithuania, Musti will expand its unique value proposition in the pet retail sector, being present in a total of six countries”, said João Dolores, Sonae’s CFO.