Coles' Pet Gamble: Why Backing Down on Greencross Was a Pragmatic Move Coles' decision to scrap its proposed $4 billion acquisition of Greencross and Petbarn is a telling sign that the supermarket giant's priorities lie elsewhere.
The move has been framed as a disappointment for private equity, particularly TPG Capital, which had invested in Greencross seven years ago and stood to reap a massive payday.
The pet industry's growth, driven by consumers treating their animals like family members, has led to annual revenues of $2 billion and profits nearing $400 million before interest, tax, and depreciation.