KKR to sell remaining stake in Pets At Home

US buyout fund KKR is to sell its remaining 12.3% stake in Chesire-based Pets At Home, the retailer of pet food, accessories and veterinary services.

Pets At Home shares fell 4% to around 185p to give the firm a current stock market value of about £925 million, according to Bloomberg data.

“Entities owned by certain funds managed and advised by, or otherwise affiliated with, Kohlberg Kravis Roberts & Co. L.P. (KKR) announce their intention to sell 62,013,086 ordinary shares in the capital of the company,” said Pets At Home in a stock market statement.

“The placing shares represent approximately 12.3% of the company’s issued share capital and constitutes KKR’s entire remaining holding in the company.

“Pets at Home will not receive any proceeds from the sale.

“The placing shares are being offered by way of an accelerated bookbuild, which will be launched immediately following this announcement.

“Merrill Lynch International and Numis Securities Limited are acting as joint bookrunners on the transaction.”

Shares of Pets At Home rose about 9% on Tuesday after it reported revenue growth of 9.6% to £223.3 million in the 12 weeks to January 4.