Musti Group acquires ZU

Musti Group plc                                                                                Press Release    5 December 2025 at 12 am EEST

Musti Group acquires ZU

Musti Group plc (“Musti”) acquires 100% of the shares of Zu, Produtos e Serviços para Animais, S.A. (“ZU”), a retailer of pet food, accessories and vet services in Portugal, from MCRetail SGPS (“MC”).

With the acquisition of ZU, Musti extends its network to 474 stores, 54 vet clinics, and 196 spas in 7 countries with 22% of sales online.

“I warmly welcome the ZU team to the Musti pack. I’m extremely excited about what we can achieve together. Adding ZU to the Musti Group is a next step in our expansion outside the Nordics and Baltics. We look forward to working with the ZU team to replicate Musti’s Nordic market leadership in Portugal.  They join us on our journey to humbly understand the high needs of pet parents and our commitment to the continuous evolution of our offer to meet those needs – top quality, good value food and accessories, supportive pet care and vet services, and a fast and easy to use integrated online platform” – David Rönnberg, CEO Musti Group. 

ZU operates 65 retail stores of which 24 include veterinary clinics in Portugal. The aggregated statutory turnover of Zu was EUR 27.6 million in FY 2024 (21.1 million in 2023) and the adjusted EBITDA (pre-IFRS) was EUR 0.8 million (0.8 million). In FY 2024 ZU had assets amounting to 13.7 million (11.8 million)  and liabilities amounting to EUR 10.3 million (7.5 million). ZU has a committed team of c.340 employees (as of 25.11.2025) supporting thousands of Pet Parents in Portugal.

Musti acquires the shares of ZU from MC, a Sonae Group company. As MC is a part of the Sonae Group, the acquisition is a related party transaction. The provisional purchase price of the transaction amounts to  EUR 12.9 million, paid in cash at closing.

Additional information:

Robert Berglund

CFO

Tel. +358 50 534 8657

Martin Svedholm

Director, Treasury, Insurances and Investor Relations

Tel. +358 50 579 0324

Distribution:
Nasdaq Helsinki
Main media
www.mustigroup.com
 

Musti Group in brief
Musti makes the life of pets and their owners easier, safer and more fun. We are the leading Nordic pet care company, and we operate an omnichannel business model to cater for the needs of pets and their owners across Finland, Sweden, Norway and the Baltics. We offer a wide, curated assortment of pet products. We also provide pet care services such as grooming, training and veterinary services in selected locations.

Musti Group’s net sales were EUR 444 million during the past 12 months (calendar year 2024). At the end of year 2024, the company had over 2,000 employees, 1.9 million customers and 415 stores.