UAE's Aliph Capital buys The Pet Shop under its first fund

Abu Dhabi-based Aliph Capital completed a buyout of the United Arab Emirates (UAE) based pet supplies business, The Pet Shop (TPS), from Kasamar Holdings for an undisclosed amount, as per reports.

This investment is the first for the firm's Aliph Fund I (LP) in which Abu Dhabi sovereign wealth fund ADQ invested $125 million—about half of its total.

In a statement, the fund commented it will inject significant growth capital into TPS. The company will be expanding its presence across the GCC region.

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The fund added the petcare market was pegged at $361 million in 2020, making it the largest in the Gulf region. The fund stated the market is projected to have a compounded annual growth rate (CAGR) of 9%-11%.

Petsville founder Amr Hazem will become chief executive of TPS to lead business development and expansion, Aliph said.

Kasamar Holdings is a family office that invests in regional private equity, global real estate, and public securities.

"We believe the industry has tremendous potential for continued growth and are delighted to pass the baton to Aliph to continue the expansion in the region," Kasamar Director Mo Bissio said in the statement.

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TPS, which owns the brands like The Pet Shop, DubaiPetFood.com, and Petsville, runs retail stores and provides pet services from boarding to daycare, training, relocation, and grooming.

Aliph plans to deploy its first fund across around 10 to 12 companies, Chief Executive Huda al-Lawati told Reuters last month.

(The copy was updated to provide clarity.)