Paramount Retail Group has sold off its pet wholesaler arm Vital Pet Group, as it concentrates on core assets.
Sold to SPL Group, Vital Pet has now come under the leadership of SPL’s owner Tom Wang and his co-managing director Richard Long.
Wang has more than 15 years’ experience helping Chinese private and institutional investors find opportunities around the world, according to his LinkedIn profile.
Paramount said SPL represented an “excellent long-term home” for Vital Pet, with a strong understanding of the business’ people, trading relationships, and ambition to build on its position in the UK pet trade.
Paramount executive director Ravi Sharma added the sale was “the right next step for both businesses”.
“It gives VPG the independence to develop under committed new ownership, while enabling Paramount Retail Group to focus its investment, resources and attention on the branded businesses at the heart of our long-term strategy.”
Wang said he and Long were “excited to take Vital Pet Group into its next chapter”.
“Our ambition is to build on the foundations already in place and support the continued growth of Vital Pet Group as an independent business,” he said.
“People, customers and suppliers are at the heart of Vital Pet Group, and we are committed to building strong long-term relationships across the sector.”
Vital Pet turned over £39.4m in its most recently available accounts, filed to 28 June 2024.
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