Reviewed: 21st August 2015
A company that owns an animal health product seller and an online pet food retailer has avoided administration after being acquired by a private equity group in recent days.
The retailers involved are MedicAnimal and Pet Supermarket, which were both owned by a company that’s listed officially as Kokoba Ltd but which trades as MedicAnimal.
All aspects associated with those operations have now been bought by Forward Dimension Capital, with Kokoba having filed a notice of its intention to appoint administrators on July 31st.
The acquisition deal was reportedly thrashed out in the early weeks of August, with both Pet Supermarket and MedicAnimal able to recommence operations on their websites once the details were in place.
David Rigby from Forward Dimension Capital is to join MedicAnimal’s board of directors as executive chairman as part of the acquisition deal.
He said of MedicAnimal: “The business has grown rapidly over the last few years to become a major player in the online pet healthcare market, and the management and founders have built a business with loyal customers, a great team and strong brand awareness.”
“MedicAnimal is a great story and one we want to enhance by bringing additional investment and skills to the table,” he said after his firm’s rescue deal was announced.
According to Retail Week, Kokoba’s bosses took the decision to bring in administrators after an investor pulled out of a recent funding round on short notice and left the company in a perilous financial position. Those issues were then apparently made worse by the receipt of a hefty supplier bill.
Having been founded in 2007, MedicAnimal has been able to grow a significant presence as an online seller of pet-related healthcare products in the UK.
In 2014, the company ranked 15th in Deloitte’s UK Technology Fast 50, which aims to list the most dynamic and innovative technology-based businesses around the country.
MedicAnimal’s rapid growth in recent years saw it acquire a number of smaller businesses in related fields, including Pet Supermarket, which now describes itself as being the UK’s number one online pet store.
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