Pet Valu Holdings Ltd. Announces Closing of C$150 Million Secondary Bought Deal Offering

Core Viewpoint - Pet Valu Holdings Ltd. has successfully closed a secondary bought deal offering of 5,200,000 common shares at a price of $28.85 per share, generating approximately C$150 million in gross proceeds for the selling shareholders [1][2]. Group 1: Offering Details - The offering was led by RBC Capital Markets and CIBC Capital Markets, along with a syndicate of underwriters including Barclays Capital Canada, Desjardins Securities Inc., Jefferies Securities, Inc., National Bank Financial Inc., Raymond James Ltd., TD Securities Inc., UBS Securities Canada Inc., and ATB Securities Inc. [4] - The company did not receive any proceeds from the offering, as all net proceeds were paid directly to the selling shareholders [2]. Group 2: Share Repurchase - On May 12, 2025, the company purchased 2,079,000 common shares from the selling shareholders for cancellation [3]. - Following the offering and the share repurchase, the selling shareholders collectively own 20,749,450 common shares, representing approximately 30% of the outstanding common shares [3]. Group 3: Shareholder Ownership Changes - Prior to the offering and share repurchase, Roark Capital Partners II AIV AG, L.P. and RCPS Equity Cayman LP owned 14,206,983 common shares (20.2%) and 10,064,456 common shares (14.3%), respectively [8]. - After the transactions, Roark Capital Partners II AIV AG, L.P. holds 10,517,421 common shares (15.4%) and RCPS Equity Cayman LP holds 7,450,713 common shares (10.9%) [8]. Group 4: Company Overview - Pet Valu is Canada's leading retailer of pet food and pet-related supplies, operating over 800 corporate-owned or franchised locations [11]. - The company offers more than 10,000 competitively-priced products, including exclusive, holistic, and award-winning proprietary brands [11].