In accordance with Sonae, this offer, which values the company at €868 million, was made by two directors and executive director (CEO) of Musti with the aim of acquiring control of the company.

In a statement, Sonae explains that pet product retail is a rapidly growing segment, benefiting from trends in adoption and premium care, increase in spending per animal and “the resilience inherent in the consumption pattern of their food”.

Musti is the market leader in the retail of pet products in the Nordic countries, with “a successful omnichannel strategy leveraged on a range of its own exclusive products, as well as a unique presence in the physical and digital world”, says the note.

Sonae leads the association, through its subsidiary Soane Holdings, SGPS, SA, in partnership with Jeffrey David, chairman of the Board of Directors of Musti and David Rönnberg, executive director of the company.

The takeover bid is being carried out through Flybird Holding Oy, a company incorporated in Finland and the price is €26 per share, to be liquidated in cash.

In the information released, Sonae states that the offer values Musti’s total equity capital at around €868 million (excluding 147,566 shares held by Musti).

Musti, listed on the Helsinki stock exchange, Nasdaq Helsinki Ltd (“Nadaq Helsinki") and with a market capitalisation of around €683 million, has a network of more than 340 stores, complemented by e-commerce specialisation in care and food products for pets, offering a wide range of private and exclusive brands.

In this fiscal year, Musti’s turnover amounted to €426 million, with EBITDA (earnings before taxes, and interest) reaching €74 M.

As claimed by Sonae, the markets of Finland, Sweden and Norway, where Musti operates, present “a solid macroeconomic context”, characterised by the household disposable income, when compared to the European average, and with consumers showing a growing preference for specialised retail and online channels to purchase products for their animals.

The company has an exclusive loyalty program with more than 1.5 million active and recurring customers.