Masquepet S.L. (Kiwoko), a Madrid, Spain-based chain of pet care specialty retail stores, received a majority investment from TA Associates, a global growth private equity firm.
The financial terms of the transaction were not disclosed. Corpfin Capital Fund III and Prince Capital Partners, S.C.R., S.A. have exited their investment in Kiwoko, selling their 89.4% stake to TA Associates and the founders of Kiwoko. In conjunction with the investment, Patrick Sader and and Christopher Parkin of TA Associates will join Kiwoko’s Board of Directors.
Founded in 2007 by Álvaro Gutiérrez, Javier Osa and Emilio Goyanes, Kiwoko operates a large chain of pet care specialty retail stores leading the in Spanish and Portuguese markets with approximately 90 stores.
Prince Capital and the founders provided the company with seed capital to start the business and, in February 2012, invited Corpfin Capital to provide the growth capital required to continue to grow the company. Since then, the company has implemented an expansion plan that has resulted in the opening of 43 new stores and 40 vet clinics, the acquisition and integration of several smaller chains, including Mr. Guau and Zona Mascota, and the development of a full online business.
During this period, Kiwoko generated approximately 700 new jobs and achieved more than 3,000 animal adoptions.
The company intends to use the proceeds from the investment to continue to expand operations.