According to local reports, Cognetas, a private equity firm, has acquired a majority stake of Arcaplanet, a Chiavari, (GE) Italy-based pet product chain, from Credem Venture Capital.
Following the transaction, Credem Venture Capital will remain sharohlder in the company with a minority stake.
The investment is intended to help the company double the number of stores in the next three years. Arcaplanet currently operates 46 stores that supplies pet food and care products to customers across Italy, including Milan and Rome and employs some 230 people.
In conjunction with the transaction, Michele Foppiani, founder of the company, will continue to serve as CEO; Marco Jesi, operating partner at Cognetas, will become President.