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SOURCE Generational Equity
DALLAS, Oct. 28, 2013 /PRNewswire/ -- Generational Equity, a leading mergers and acquisitions advisor for privately-held, middle-market businesses, is pleased to announce the sale of its client, Paradise Pet Centre, LTD (Paradise Pets), headquartered in St. Albert, Alberta, to Mr. Pets, headquartered in Port Coquitlam, BC. The transaction closed May 6, 2013.
Paradise Pets, a family owned and operated pet retail store, has served St. Albert since 1977. Paradise Pets specializes in providing excellent service and creating an enjoyable experience for pet owners. The company prides itself in service to customers and in giving back to the communities of St. Albert and Edmonton.
Paradise Pets is a full-line pet store. It offers a large assortment of healthy animals, from lizards, fish, and birds to small animals like hamsters, guinea pigs, and bunnies. It was the first pet store in the Edmonton area to change its business model from sourcing kittens, puppies, and rabbits through local breeders to exclusively sourcing through rescue societies.
Mr. Pets currently has 5 locations that carry a wide assortment of over 8000 unique pet products with stores ranging in size from 5000-7000 sq ft. It has 50 associates dedicated to serving customers. All stores use state of the art fixtures from shelving to pet displays. They have a combined total of 9200 gallons of freshwater aquarium displays.
The new owner of Paradise Pets, Greg Penno, doesn't plan to make many changes. "We're very similar. The difference is Paradise Pets has 20 per cent larger floor space than we are used to, but our business motto is very similar. And we'll keep the name because Paradise Pets has a good reputation," he said.
Managing Directors Stephen Crisham and Lori Galloway, along with Ted Rattenberry, Generational Equity's affiliate for Western Canada, led Generational Equity's deal team in marketing and negotiating the transaction. Ted Rattenberry stated, "There is a natural fit and synergy between the buyer's stores, Mr. Pets, and the seller's store, Paradise Pets, and, as a result the dealings progressed quickly and the transaction came together efficiently."
Former second generation owner of Paradise Pets, Lorne Terrault, is pleased that the long-standing family-oriented and pet-friendly practices developed at Paradise Pets will not change. Cats and dogs will continue to be sold, but only those that have come from rescue organizations and not from breeders.
About Generational Equity
Generational Equity provides mergers, acquisitions, strategic growth advisory services, and information for privately held and family-owned businesses to exit their companies successfully. Generational Equity uses a four-phase approach that includes education, financial analysis and reporting, sales documentation and deal-making ability to offer business owners an unparalleled level of commitment and experience, all focused on helping to release the generational equity and wealth in every business. Generational Equity is headquartered in Dallas, TX, has more than 200 professionals in North America, and was recently recognized by the M&A Advisor as the M&A Consulting/Advisory service firm of the year. For more information visit the following websites at www.genequityco.com, www.gecpress.com or http://blog.genequityco.com/.
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