Fri, 21 Aug 2015 | BUSINESS SALE
MedicAnimal has been saved from entering administration after a private equity company bought the firm.
Forward Dimension Capital has acquired 100 per cent of the business after MedicAnimal filed a notice of intention to appoint an administrator on 31 July.
Reports from Retail Week confirmed that the MedicAnimal board approved the financial rescue package on 14 August. MedicAnimal and its subsidiary Pet Supermarket operate ecommerce websites which have recommended trading since the rescue package was approved following a brief pause in trading.
David Rigby, partner with Forward Dimension Capital, will join the MedicAnimal board as executive chairman as part of the agreement.
He commented: “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.”
The company is understood to have come close to administration after an investor pulled out of funding at the last minute, a decision which happened to coincide with a large supplier bill.
MedicAnimal is a trading name of Kokoba Ltd.
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