Pets at Home appoints for sale or IPO

Pets at Home, a UK pet food and accessories retailer, has appointed Rothschild, Citi and JPMorgan Cazenove to investigate a sale or flotation early next year.

A source told TMN earlier this week that advisers were being appointed in the next few days and the Financial Times has confirmed that Rothschild will advise on a sale or IPO, while Citi and JPMorgan Cazenove would manage a flotation.

The FT added that Bridgepoint, which bought Pets at Home for £230m in 2004, is seeking a price of £650m (US$1.37bn), slightly up from the £600m reported earlier this year.

Bridgepoint has carried out two refinancings of Pets at Home since its 2004 buyout: a 2005 refinancing believed to have returned £70m from shareholders; and a £288m refinancing last July, returning £100m.