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Nordic pet supply retailer Musti Group plans IPO

With 277 Musti ja Mirri shops in the Nordics, the group's initial public offering will be valued at 40-50 million euros.

Lemmikkieläintarvikemyyjä ja kissanruokapusseja.
File photo of Musti ja Mirri pet supply shop in Kuopio, Finland. Image: Pertti Huotari / Yle

Nordic pet food retailer Musti Group announced on Monday the company is planning an initial public offering and be listed on the Helsinki Stock Exchange.

"The planned IPO is expected to consist of both a share sale by certain existing shareholders and a new share issue by the company of approximately 40–50 million euros," the group said in a release.

The firm said that proceeds from the IPO should be used towards paying back debt and the company's operations.

At the end of September last year, Musti Group had 277 pet supply shops across Finland, Sweden and Norway, according to the company. The group said turnover during October 2018 - September 2019 was 246.6 million euros, marking a 14.1 percent increase over the same period the previous year.

The company's adjusted operating profit last year was 16.3 million euros, representing an increase of 6.6 percent year-over-year, according to the group, which noted that the figures had not been audited.

Pet supply sector booming

Musti Group CEO David Rönnberg said the pet supply chain offers a wide assortment of goods and at some of its outlets, pet care services like grooming, training and veterinarian services.

"People are increasingly treating their dogs and cats like members of their family, spending more on higher quality and more premium food, as well as a more diverse range of products and service. We call this trend Pet Parenting," Rönnberg said in the release.

"We are very much looking forward to continuing our work of making the life of pets and their owners easier, safer and more fun. The planned IPO supports us on our future journey," he continued.

The firm said its core strategy would be to continue developing its value proposition and to better serve its customers in the Nordic markets with a focus on "Pet Parents."

"The company aims to continue the growth path by winning new customers, growing its share of wallet with existing customers, expanding store and service network, and growing the share of sales from O&E products," the company stated.

The Swedish investment firm EQT has been the main owner of Musti Group since 2014.

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