On the whole, it hasn’t been a good few months for retail mergers. Staples and Office Depot had a handshake merger deal called off at the midnight hour, and Sports Authority’s continued floundering is further evidence of its inability to find a suitable partner when it actually had its head above water.
However, there seems to be more luck with retail mergers north of the border.
Pet Valu and Pet Supermarket announced on Monday (July 11) that the two brands had officially merged to create Pet Retail Brands (PRB). PRB, with over 930 stores in the U.S. and Canada to its new name, is instantly the third-largest pet supply retailer in North America, and Ezra Field, managing director of Roark Capital, parent company to both Pet Valu and Pet Supermarket, believed that to be one of PRB’s greatest strengths moving forward.
“The combination of these two highly complementary businesses, both long-established brands with strong cultures and deep commitments to local communities and helping pets, will create the leading community-focused pet specialty retailer in North America,” Field said in a statement. “Together, both brands will benefit by sharing infrastructure, resources and best practices to deliver superb value to both Pet Valu and Pet Supermarket’s loyal customers, committed employees and business partners.”
The merger did bring with it some shuffling at the executive level. Former CEO of Pet Valu Thomas McNeely will assume the same role at the head of PRB, while Pet Supermarket President and CEO Diane Holtz announced her retirement as a result of the merger.
“I retire knowing this transaction positions Pet Supermarket for continued success on behalf of all its employees and partners,” Holtz said. “I am grateful for the support and guidance of the Roark Capital team and look forward to seeing Pet Supermarket continue to grow and delight pets and pet parents alike.”