On May 12, 2025, Pet Valu Holdings Ltd., Canada’s leading specialty pet retailer, announced a C$150,020,000 secondary bought deal offering of 5.2 million common shares at C$28.85 per share. The offering is by selling shareholders affiliated with Roark Capital, including PV Holdings S.à r.l., Roark Capital Partners II AIV AG, L.P., RCPS Equity Cayman LP, and Roark Capital Partners Parallel II AIV AG, L.P.

The deal is underwritten by a syndicate led by RBC Dominion Securities Inc. and CIBC World Markets Inc., with participation from Barclays, Desjardins, Jefferies, National Bank Financial, Raymond James, TD, UBS, and ATB. Underwriters will receive C$6,000,800 in fees (C$1.154/share, or 4%). Pet Valu will not receive any proceeds; the net proceeds of approximately C$144 million will go to the selling shareholders.

The shareholders also granted a 15% over-allotment option (780,000 additional shares), which, if fully exercised, would raise total gross proceeds to C$172.5 million.

Simultaneously, Pet Valu repurchased and cancelled 2,079,000 common shares from the selling shareholders at C$28.85 per share, using cash and available credit. The repurchase was approved by the board, based on a recommendation from an independent special committee.

Following the offering, the selling shareholders will own 30% of outstanding shares, down from 38% post-repurchase. The deal is expected to close on or about May 16, 2025. Legal counsel includes Blake, Cassels & Graydon LLP for the company and Osler, Hoskin & Harcourt LLP for the underwriters.