ACA submitted testimony for the May 11th Senate Finance Committee hearing, “Closing of the Tax Gap: Lost Revenue from Noncompliance and the Role of Offshore Tax Evasion.” The recent testimony follows on the heels of ACA’s commentary submitted to the Committee on Finance on the framework for overhauling international taxation and investing in the US, that was published by Chairman Wyden, Senator Brown and Senator Warner. In ACA’s opinion, recent hearings and publication of the framework indicate a keen interest by the Congress in addressing international taxation and in particular taxation of individuals living and working overseas.
In ACA’s testimony for the May 11th hearing on the subject of closing the tax gap as it relates to individuals and activities outside the United States and revenue lost due to noncompliance and “offshore tax evasion,” ACA made two key points. First, good data and other information are critical and secondly, the key to cleaning up the “offshore” element of the tax gap is enactment of Residence-Based Taxation (RBT) as a replacement for the current Citizenship-Based Taxation regime.
“It is remarkable that the US government does not have reliable figures for the size and shape of the ‘offshore’ element of the tax gap as was evidenced in the questioning of the witnesses,” noted Charles Bruce, ACA Legal Counsel, adding “it does not know the number of non-filers, and those otherwise out of compliance, who are resident abroad. All of us would like to know how much of the problem is traceable to individuals truly residing abroad, as opposed to individuals living in the US and doing all manner of things to evade tax.”
ACA’s testimony stresses the importance of reliable and accurate data, citing its 2017 research project fielded with District Economics Group (DEG) to develop a baseline for the size, income, asset, investment and demographic make-up of Americans living and working overseas. ACA is updating and adding to the 2017 research project with a second deeper analysis of data which DEG has begun work on and for which ACA continues to raise funds American Citizens Abroad Global Foundation - Donate (wildapricot.org). ACA is confident that its research work, alongside data currently available to the IRS and the US Treasury Department can demonstrate that moving to a system of Residence-Based Taxation (RBT) is eminently “doable.”
“Moving to RBT can help narrow the tax gap attached to individuals’ activities and presence abroad. It can throw light on the size and nature of assets belonging to Americans and located outside the US, including in zero tax and low tax jurisdictions. Having RBT in place could help separate out compliant, regular Americans residing abroad from non-filers and criminal tax evaders,” said Jonathan Lachowitz, ACA Chairman.
“RBT fits within the global system of taxing individuals. It would be the single most helpful step to relieve Americans abroad from double taxation and ridiculously complex and expensive reporting. All of the FATCA-related paperwork could be eliminated. Americans living normal lives outside the United States would no longer be viewed as financial lepers. More importantly, RBT can be made revenue neutral, tight against abuse and such that no one is worse off than they are under the current rules,” said Marylouise Serrato, ACA Executive Director.
Contact: marylouise.serrato@americansabroad.org
+1 202 322 8441
Media Design School has officially opened its new state-of-the-art campus in the heart of Auckland's thriving Wynyard Quarter
Over 22 years, Media Design School (MDS) has cemented a reputation as New Zealand's most awarded tertiary institute for digital and creative technology.
The new Wynyard Campus will provide a home for MDS to boldly shape and design the future of global education. Media Design School, together with Torrens University Australia and Think Education, forms Torrens Global Education.
Darryn Melrose, General Manager of Design & Creative Technology at Torrens Global Education, says the staff and students at MDS are thrilled to introduce the new campus to New Zealand and the world.
It's more than a campus: it's an incubator for ideas and a platform to execute them, to ensure a brighter tomorrow for our future graduates.
The 5* Green Rated property at 10 Madden Street has classrooms fully-customised with cutting-edge technology and thoughtfully designed, flexible working spaces to create a learning environment beyond anything we've ever seen in the country.
MDS was the first school in New Zealand to recognise the growing influence of emerging creative industries - such as Game Development, Software Engineering, Animation, Digital Design, Virtual Reality and Creative Advertising. Its foundation has always been in innovation and industry connection.
Today, MDS is the number one digital design school in Asia-Pacific and New Zealand's most awarded tertiary institution for creative and digital technology qualifications. As the only education provider in New Zealand's Innovation Precinct, our new campus will enable students to learn at the epicentre of the country's tech industry, providing exciting networking and collaboration opportunities right on their doorstep.
Linda Brown, Chair of MDS and CEO of Torrens Global Education, says MDS is well-positioned to bring its creative edge into the future of global education, particularly as Torrens Global Education continues to build a network around the world.
"We were proud of our role as a B Corporation and particularly the way that over the past year, MDS has contributed free on-demand short courses and micro-credentials in New Zealand. We are teched up from this new campus to produce global graduates with strong industry connections and a global mindset. It's this ethos that underpins the design of our new campus."
"This campus is not just for current students. It's a gathering place for industry and, importantly, alumni, who can be found working at some of the world's leading names in the creative and tech sectors, from Weta Digital to Lucasfilm's in Singapore and Microsoft UK."
"Our shared values of beginning and ending with people, being good, being creative, being bold, being well and being global are at the core of everything we do."
MDS was founded in 1998 and is New Zealand's only certified B Corporation education provider. A key part of Torrens Global Education, MDS partners with Torrens University Australia, Australia's fastest-growing university. Across three providers, Torrens Global Education serves 21,000+ students across the world.
The new campus in Auckland’s Wynyard Quarter Innovation Precinct marks an exciting chapter for Media Design School and the Torrens Global Education network.
Need for regulatory approvals indicates a sale price of more than $100 million.
Dunedin-based appointment and booking software developer Timely is being sold to US-based service commerce platform EverCommerce.
The two have have agreed terms though the sale has not yet been executed due to the need for regulatory approvals.
Overseas Investment Office consent is required in New Zealand if a local business is sold to an overseas buyer for more than $100 million.
Timely co-founder and CEO Ryan Baker said Colorado-based EverCommerce and Timely shared a passion for the beauty and wellness industry and were also culturally aligned.
"We’re now able to take the next step in global expansion knowing we have industry experts, who know how to deliver value to small business owners and scale software companies, at our back," Baker said.
EverCommerce offers a suite of software-as-a-service (SaaS) solutions across business management, customer engagement, marketing as well as billing and payments.
Timely, founded in 2011, offers appointment booking software for small salons and beauty businesses. It claims to be used by more than 50,000 beauty professionals across 90 countries.
Timely joins the EverCommerce fitness and wellness portfolio that delivers tailored, integrated, and convenient experiences for guests, while providing specialised functionality for business owners.
The acquisition expands EverCommerce's offerings and reach in the salon and spa industry to the United Kingdom, Australia and New Zealand.
Rob O'Neill (New Zealand Reseller News)18 May, 2021 10:06
4 years ago, I walked into my local bike shop with a shotgun seat prototype under my arm.
The store owner Kris checked it over, and then quickly took a punt on the product that my friend Tom had designed, by placing an order for 5 units.
We had our first official shotgun retailer, and we were pretty happy with ourselves. And ever since then, we’ve worked really hard to grow our retail foot-print.
We started in New Zealand. I did a road trip around the country with a boot full of shotgun seats. And we sold the lot.
Then Australia came on-board, and we picked up some key stores across the ditch. We were 12 months in, and we were finally starting to build momentum.
Fast forward to 2019 and Andrew joined the team, followed by Trev in the UK in 2020. And now all of a sudden, it’s 2021, and we have distributors supplying bike retailers in New Zealand, Australia, UK, USA, Canada, France, Italy, Spain, Germany, Chile, South Africa, Portugal, Poland, Norway, Sweden, Denmark, Finland, Czech Republic, Slovenia and Slovakia... Phew!
And whilst Andrew and Trev have driven the international growth in terms of sales, they couldn't’ have done it without the support of our awesome team based out of our NZ office – not to mention our off-shore liaisons, who offer in-market support.
But I digress, because we have some big news to share. And it’s our biggest ever addition to our retail foot-print in terms of stores.
Today we’re excited to announce that our products are now available at REI Co-op, one of the largest sporting retailers in the US of A.
With 168 locations across 39 states, REI Co-op significantly increases our footprint in the US, and adds to the growing list of bicycle retailers brought on by our North American distribution partner, HLC.
Being stocked in REI adds to our existing network of US dealers, and makes the shotgun seat (and our recently released tow rope) even more available to US MTB parents – Andrew Inman, Kids Ride Shotgun
We’re proud to now have over 2000 retailers globally, and we’re excited about working with all of our awesome stockists, to ultimately help raise the next generation of mountain bikers.
Dan - Co-Founder, Kids Ride Shotgun
Vence, the leading supplier of virtual fencing and herd management solutions for sustainable animal protein production, has raised $NZ16 million /$US12 million.
The funding will help Vence scale the delivery of its platform in its entry markets - the US and Australia. The company is building tools which enable precision livestock farming and are driving the adoption of regenerative practices while improving profitability for the farmers.
Vence was founded in 2016 after Kiwi Jasper Holdsworth, whose family has run a livestock farm near Gisborne for over 100 years, identified an opportunity. Reviewing the cost structure on the farm he pondered a way to use technology to complement animal movement and management. Instead of trying to solve the problem himself he reached into his network to find people who could help build a solution…and a business was built.
In 2017, Vence was selected as one of just 20 startups worldwide to pitch to investors as part of FoodBytes!, an international programme from Rabobank that drives connections and collaboration between startups, corporate leaders, investors and farmers to implement solutions to food system challenges. Since then, Vence has gone from strength to strength and, this month (May 2021) it has announced its successful capital raise led by Tyche Partners. California-based Tyche Partners is a venture capital firm focusing on investments in early and early growth stage companies with disruptive technologies.
The funding includes participation from existing investors; Rabobank Food & Ag Innovation Fund, Grantham Environmental Trust’s Neglected Climate Opportunities fund and Eniac Ventures as well as new investors JMI Equity and Trailhead Partners.
Tony Chao from Tyche Partners said, “At Tyche, we love rolling up our sleeves and solving hard problems alongside passionate founders with a transformational vision. Vence has built an incredibly compelling solution that touches our daily diets, make tremendous economic sense for its rancher customers, and has the potential to significantly reduce our carbon footprint. We are excited to play a role in advancing Vence’s vision and improve the financial and environmental well-being of an important pillar of the economy.”
“Pastureland represents over a third of global land mass and there are more livestock globally than there are cars – yet less than 1% of the livestock industry is digitized. We see this as ripe opportunity to help transform one of the world’s largest ($2T+) and most mature industries by providing tools for farmers to enable data driven decisions and enable precision management.” said Frank Wooten, CEO and co-founder of Vence.
Richard O’Gorman, Managing Director Rabo Food & Agri Innovation Fund said “We originally connected with Vence through the FoodBytes! platform, invested in 2018 and have since worked closely with the company to accelerate the remote herd management solution,” said “Together with a great investor syndicate we are thrilled to continue to support this highly relevant, sustainable technology and accelerate its offering to the livestock community.”
Until Sunday 16 May 2021, Kiwi agtech, food tech and consumer food and beverage startups are invited to apply for selection to present at the FoodBytes! global virtual pitch competition in November.
Nathalie Gibson, Rabobank Head of Innovation, Knowledge & Networks, who is leading the search for startups across Australasia, including New Zealand, said, “We’re scouting for startups with validated business models, demonstrated commercial traction, a robust, diverse team and a cross-industry collaborative mindset, and that have the potential to drive meaningful and sustainable change throughout the food value chain. We would like to discover and grow more startups like we have supported Vence.”
Vence has received interest from nearly 5,000 livestock farms globally. The company will be ramping deployment of the first commercial version of its product this year on farms across the US and Australia. Over time, however, the company’s goals are much larger. The grasslands are the world’s second largest carbon sink behind the ocean, and rotational grazing has been shown to accelerate the pace at which those lands sequester carbon. Vence believes by building tools to help manage animals and improve productivity, they can enable the quicker adoption of these practices.
Frank Wooten said, “For regenerative agriculture to work at scale, it needs to generate profits for farmers/ranchers as well as enhance their quality of life. We built a platform which does both.”
Pultron Composites is delighted to announce the signing of a strategic alliance with US Fortune 500 company, Owens Corning as the sole distributor of MATEENBAR™ Fiberglas™ Rebar in North America.
Pultron set up Mateenbar Limited as a separate company in 2020 and continues to be a majority owner and key R&D and technology partner to Mateenbar, supplying specialist equipment, technical expertise, and research and development.
MATEENBAR™ Fiberglas™ Rebar is a more durable alternative to steel rebar. Rebar refers to the bars that are used to provide additional support to reinforced concrete structures widely used in civil infrastructure projects.
The demand for sustainable infrastructure is increasing, as civil engineers and government agencies are seeking new technologies to achieve longer lasting and carbon-friendly infrastructure. Mateenbar™ provides the answer – a highly durable rebar that eliminates the risk of corrosion, extends infrastructure life cycles and reduces maintenance costs, even when used in highly corrosive environments. It is better for the environment and the public purse.
Owens Corning is the world’s largest manufacturer of fibreglass composites and a key figure in the building and infrastructure industry. The collaboration with Owens Corning will drive new sales and increase awareness of fibreglass rebar technology.
Mateenbar USA Inc. will produce Mateenbar™ exclusively for Owens Corning for the United States, Canada and Mexico from Mateenbar’s all-new manufacturing facility in North Carolina (USA). The North Carolina factory is a 110,000sq ft site fitted out with state-of-the-art pultrusion manufacturing equipment designed and engineered by Pultron.
Mateenbar™ has been used in major construction projects worldwide and certified in over 2,500 independent, 3rd party lab tests. As a result of Mateenbar’s global expansion, Pultron has increased staff numbers by 30% in the last year. Pultron continues to manufacture Mateenbar™ for the Oceania market and is experiencing growing interest from this region.
The President of Owens Corning Composites, Marcio Sandri, said: “Mateenbar Limited has built a powerful product leadership position in the global concrete reinforcement market and we are proud to bring this world-class product to the United States and federal and state departments of transportation, to enable more durable and longer lasting concrete structures.”
About Pultron Composites: Pultron Composites is a hi-tech composites company based in Gisborne. They are global specialists in the development and manufacture of customized fiber-reinforced polymer (FRP) composites profiles using the pultrusion process. As industry pioneers, Pultron delivers value-driven solutions to customers through world-class R&D and superior product innovation in a range of sectors including infrastructure, marine, mining and recreation. Please visit www.pultron.com for further information.
About Mateenbar: Mateenbar Limited is the world’s leading fibreglass rebar technology and manufacturing group. Mateenbar™ is a high-performance replacement for steel rebar for concrete reinforcement. It is corrosion-free, twice the strength and a quarter of the weight of steel. By eliminating the risk of corrosion, it delivers improved infrastructure lifespan and significantly reduces maintenance. This leading technology was developed by Pultron Composites in New Zealand and is now manufactured in North America, Saudi Arabia, and New Zealand. Pultron is the majority owner of the Mateenbar group. Please visit www.mateenbar.com for further information.
Commercial enquiries: Pete Renshaw, Business Development Director, +64 6 867 8582
Media enquiries: Angeline Beattie, Marketing Manager, +64 6 867 8582
DDB Group digital experience agency Tribal Aotearoa has announced a partnership with BigCommerce, a US-based global SaaS ecommerce giant.
Tribal Aotearoa managing partner James Blair said: “Aligned in a shared vision about the future of ecommerce, Tribal is among the first creative agencies to partner with the internationally acclaimed platform.
“In a move designed to reimagine the experience of ecommerce through the intersection of powerful brand storytelling and world-class ecommerce technology, the partnership unlocks the potential for Tribal and BigCommerce to deliver fully bespoke and integrated brand commerce experiences online.
“It’s the unique combination of brand-led and functionally efficient ecommerce that makes it an inimitable proposition.
“BigCommerce was interested in Tribal’s unique proposition incorporating integrated technology solutions with thumb stopping creative ideas that generate emotion and drive action.
“Having global capabilities behind us, Tribal will be able to optimise our offering to our clients well beyond the New Zealand market.
“Identical white, cookie-cutter ecommerce sites should be a thing of the past.”
“Globally the industry is experiencing a period of unparalleled growth. New research from McKinsey has revealed that throughout the Covid-19 pandemic there has been 10 years’ worth of ecommerce advancement in the space of three months, when compared to the first quarter of 2020.
“Importantly, the opportunity lies in disrupting the templated approach to ecommerce where every online shopping experience looks and feels the same.
“Identical white, cookie-cutter ecommerce sites should be a thing of the past. Brands work so hard to differentiate themselves in their products, in-store experience and their communications – ecommerce sites should receive this same treatment.
“BigCommerce enables Tribal to incorporate video, 3D and dynamic design elements into a high-performance ecommerce site that’s easy to manage.”
New York-based BigCommerce global agency partnerships director Daniel Fertig said: “In an era where merchants are increasingly looking to sell direct to consumer, it’s become more important than ever to stand out from the crowd with artful storytelling and brand forward messaging.
“That’s why we’re excited to have Tribal bring their industry leading blend of creativity and technical acumen to bear for our clients across the ANZ region.”
About Tribal Worldwide AotearoaA digital experience agency for the connected age. We drive growth by connecting traditional brand storytelling with the power of modern technology. We do this by creating digital experiences that drive an action or emotional response through content, platforms and products. Tribal Worldwide is part of the DDB Group.
However, we know that getting the most out of our technology requires us to unlock the possibilities for customers, explore ideas, and help them develop the skills to innovate. That’s why today we are announcing the opening of our new, larger AWS office in the iconic Commercial Bay building in downtown Auckland. Our new office will help us provide better support to the tens of thousands of customers that use AWS in New Zealand each month including Air NZ, BNZ, Ministry of Health, TVNZ, University of Auckland, Xero, Vodafone, Gentrack, Uneeq, Halter, Sharesies, Consegna, Deloitte, and Orion Health.
Another reason for our office expansion is to support our growing workforce. AWS now employs more than 100 people across New Zealand, with 50 of our team members hired in the past year alone. We’ve created new jobs for data scientists, cloud engineers, solutions architects, and sales and account managers, so our teams can continue to drive innovation on behalf of our customers and partners.
Our new office is just one of many investments we’re making in New Zealand. We have also built local infrastructure to support the different needs of our customers. Earlier this year, Vector launched their first AWS Outposts, to run AWS infrastructure and services on-premises. Additionally, Vector and AWS have a strategic alliance, and are building a cloud-based New Energy Platform (NEP) that will enable New Zealand’s energy industry to deliver consumers more affordable, reliable, and cleaner energy options. This alliance will contribute 30 new highly-skilled jobs in New Zealand to support the development of the NEP. And customers like TVNZ are using our new AWS Edge location in Auckland to access our cloud services faster and provide improved user experiences for their customers - so we’ll never miss a Black Caps wicket!
Upskilling Aotearoa
Creating a digitally skilled workforce is critical to accelerating innovation. Our new office space enables us to ramp up our training programs and help ensure that New Zealand gains the talented pool of professionals it needs to unlock the value of the cloud. Our goal is to train more than 29 million people globally by 2025.
We are committed to improving the diversity of New Zealand’s IT workforce by creating opportunities for people from underrepresented communities to forge careers in the industry. Last week, we launched the AWS re/Start digital skills program in New Zealand. People who are unemployed or underemployed, particularly within the Maori and Pacific communities, will gain cloud skills by taking part in a free 12-week full-time skills training program. Delivered in collaboration with Te Pūkenga, a national network of vocational education and training brought together by the New Zealand government, we look forward to providing an update on this program when this first cohort graduates.
Supporting our partners going global
A thriving community of AWS partners in New Zealand are building small and medium-sized cloud businesses. Last April, we opened our AWS Marketplace to New Zealand and Australian Independent Software Vendors (ISV) and consulting partners. This new route to market provides instant access to more than 310,000 monthly active users around the world. Already there’s some great international collaborations forming on the AWS Marketplace. Our local partner, Consegna, found Australian software company Local Measure’s platform so interesting, they decided to bundle it with their own consulting services – and later listed the service offering on AWS Marketplace. This is a great example of how the AWS Marketplace encourages local innovation. We see the potential for these software providers to drive future economic growth in NZ and are proud to support them.
Building the future
New Zealand has a rich community of innovators and entrepreneurs, and we support their tenacity and ambition to build and grow world-leading businesses. That’s why we are continuing to deepen local investments, and work hard to ensure our customers can access the latest technology to expand into global markets, improve their customer experience, and lower operating costs.2020 accelerated our shift to a digital world and highlighted an even more urgent recognition of the problems we need to address together to drive our economy and society forward. We see great opportunity for New Zealand to be a leading nation in the digital economy and are excited to collaborate with our local customers and partners to be a part of that journey.
By Nick Walton, Managing Director for AWS Commercial Sector, New Zealand
Investment to support Company’s growth in New Zealand and worldwide
CHRISTCHURCH, New Zealand--(BUSINESS WIRE)--Natural Pet Food Group (the “Company”), a New Zealand-based premium pet food company, and KKR, a leading global investment firm, today announced the completion of KKR’s acquisition of Natural Pet Food Group. The investment will be used to support the Company’s international growth and advance its mission to supply safe, sustainably sourced high-meat pet food from New Zealand to more customers and their pets worldwide.
Neil Hinton, CEO of Natural Pet Food Group said, “My team is excited about the opportunities and connections that KKR can provide. Our business is about providing pet owners with the very best in natural, high-meat nutrition for the four-legged members of their families. KKR has an impeccable pedigree in our sector which will help us grow, develop new products and take our brands to new customers and new markets, all over the world.”
“It’s a great result not only for our company but also our supply partners, farmers and seafood suppliers from all over New Zealand and our manufacturing partners in Hawke’s Bay and Gisborne. We also recognize our outgoing shareholders, in particular Pioneer Capital, for their contribution over the years, which laid the foundation for this next exciting phase. This is another fantastic ‘paddock to plate’ New Zealand story that builds on our quality nutrition, safety and ethical credentials and the strong partnerships that underpin our business. KKR’s investment marks the next phase of our evolution and their support is a strong endorsement of the outlook for our business,” added Mr Hinton.
Pet owners around the world are increasingly seeking the highest-quality, low carbohydrate diets for their pets to improve their long-term health and wellness. Natural Pet Food Group brands provide pet owners with a variety of nutritious, 100% New Zealand made pet food produced from high-quality, locally sourced wholefood ingredients.
Michael Robson, Managing Director of KKR Capstone and joining member of Natural Pet Food Group’s Board of Directors, said, “Natural Pet Food Group is a pioneer in New Zealand’s sustainable pet food industry, with a strongly defined mission and set of values. We could not be more excited to work with Neil and his talented team to support the Company’s operations by leveraging KKR’s experience, network, and expertise to strengthen Natural Pet Food Group’s leadership in key markets and create opportunities in new ones. This investment also reflects KKR’s commitment to supporting fast-growing companies in New Zealand that are seeking opportunities to expand into new sectors, verticals, and markets.”
KKR will fund its investment from KKR Asian Fund IV. Additional details of the transaction are not disclosed.
About Natural Pet Food Group
Natural Pet Food is committed to providing premium, nutritious high-meat pet food through its market-leading dog and cat food brands: K9 Natural, Feline Natural, and Meat Mates. Developed by an in-house nutritional team, the Company’s pet food is produced from ethically sourced ingredients such as grass-fed and free-range meat, cage-free chicken, and sustainable seafood. Natural Pet Food Group was launched in 2006 and today serves customers globally in markets including New Zealand, Australia, China, Japan, US and Canada.
About KKR
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
Source: https://www.businesswire.com/
(Reuters) - KKR & Co Inc said on Wednesday it will buy a majority stake in animal health firm Argenta Limited, as the pet and animal care industry continues to draw private sector interest.
Terms of the deal were not disclosed but a person familiar with the matter said KKR agreed to pay around $100 million for its Argenta stake.
KKR will acquire its stake in New Zealand-based Argenta from Tomlinson Group, which will become a significant minority shareholder, a statement said.
Founded in 2006, Argenta provides animal-focused contract research and manufacturing for pharmaceutical companies across the United States, Europe and New Zealand.
Argenta plans to use KKR’s investment to expand its research and development as well as its clinical regulatory services in Europe and the United States, Ben Russell, the company’s chief executive officer, said in an interview.
KKR’s investment was made out of its Health Care Strategic Growth Fund, which raised $1.45 billion from investors in 2017.
Private equity interest in the pet and animal care sector has grown due to significant household spending on animal diet, health, and exercise.
KKR currently owns PetVet Care Centers, a Westport, Connecticut-based network of pet clinics. In 2018, the buyout firm sold its remaining stake in Pets at Home Group, a UK-based pet retailer supplier it bought for 955 million pounds in 2010.
Source: https://www.reuters.com/article/idUSKBN27Y1JE
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