Pet Valu Holdings Ltd. Announces Closing of C$576 Million Secondary Bought Deal Offering

Core Viewpoint - Pet Valu Holdings Ltd. has successfully closed a secondary bought deal offering of approximately 19,969,450 common shares at a price of C$28.85 per share, resulting in total gross proceeds of about C$576 million to the selling shareholders [1][2]. Group 1: Offering Details - The offering was led by RBC Capital Markets and CIBC Capital Markets as joint bookrunners [2]. - The company did not receive any proceeds from the offering, as all net proceeds were paid directly to the selling shareholders [2]. - The common shares were sold via a prospectus supplement dated June 5, 2025, under the company's short form base shelf prospectus filed on August 15, 2024 [3]. Group 2: Shareholder Changes - Following the offering, the selling shareholders have no remaining equity interest in the company, leading to the termination of the Investor Rights Agreement [4]. - Clayton Harmon, a nominee of the selling shareholders, has resigned from the board of directors effective June 9, 2025, while Patrick Hillegass and Kevin Hofmann will remain as directors until suitable replacements are identified [5]. Group 3: Shareholder Ownership - Prior to the offering, Roark Capital Partners II AIV AG, L.P. and RCPS Equity Cayman LP owned approximately 14.8% and 10.5% of the outstanding common shares, respectively [8]. - Post-offering, these shareholders no longer own or control any common shares [8]. Group 4: Company Overview - Pet Valu is Canada's leading retailer of pet food and related supplies, operating over 800 corporate-owned or franchised locations [11]. - The company has been in operation for over 45 years, providing a wide range of products and services to pet owners [11].