04:33 PM EDT, 06/03/2025 (MT Newswires) -- Pet Valu Holdings ( PTVLF ) after close of trade Tuesday said it plans a $576-million bought-deal secondary share offering.

Under the agreement, the selling shareholders PV Holdings S.a.r.l., Roark Capital Partners II AIV AG, L.P., RCPS Equity Cayman LP and Roark Capital Partners Parallel II AIV AG, L.P., are selling an underwriting syndicate 19.97- million shares of the company for $28.85 per share. They will own no Pet Valu ( PTVLF ) shares following the sale.

Proceeds will be paid directly to the selling shareholders and the company will not receive any proceeds.

"This transaction marks a significant milestone after a successful relationship between Pet Valu ( PTVLF ) and Roark. We extend our sincere gratitude to Roark who, as franchise business model specialists, helped transform Pet Valu ( PTVLF ) from a regional 350-store network into Canada's largest pet specialty retailer serving millions of devoted pet lovers annually" said chief executive Richard Maltsbarger.

The company's shares closed down $0.11 to $30.54 on the Toronto Stock Exchange.