Leyland Private Asset Management

Greencross Limited (GXL) is Australia’s largest provider of veterinary services and pet care retailing. In 2014, GXL acquired Mammoth; the owner of Petbarn and Animates. ABS stats indicate that c. 63% of people now own pets, with c. 60% of those considering their pet a member of the family. This trend is reflected in pet related sales growth of 5% outpacing the broader retail market at 3.5%. The company has a clear strategy to consolidate the fragmented pet care industry. Greencross currently accounts for 8% of the pet retail market and 5% of the vet clinic market. The goal is to grow their market share in both these markets to 20%. At the recent AGM, the company highlighted an acceleration of their roll-out strategy now boasting 221 retail pet stores and 155 vet clinics. Full note attached.


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