NR 08:30 AM EST, 02/25/2022 (MT Newswires) -- Pet Valu Holdings Ltd. (PET.TO), a retailer of pet food and pet-related supplies, on Friday said it has acquired Les Franchises Chico Inc. to enter the Quebec market.
Pet Valu didn't disclose the deal value but said that it funded the acquisition with cash on hand and that it expects the transaction to be immediately accretive to its adjusted net income.
Chico is Quebec's largest franchisor of pet specialty stores, with 66 locations across the province, Pet Valu said. It generated system-wide sales of about $79 million and revenue of around $7 million in 2021.
Pet Valu plans to operate Chico as a separate subsidiary led by a Montreal-based management team, with founders Pierre Charbonneau and Michel Joly continuing to be active in the business.