Finnish pet care retailer (Nordic market leader). Acquired Portuguese pet retail chain ZU on 16 December 2025 in a €12.9 million all-cash deal, adding 65 stores and 24 veterinary clinics to its Portuguese footprint. Musti Group is owned by Portuguese conglomerate Sonae.
Musti Group is the Nordic market leader in pet care retail. The group is owned by Sonae, the Portuguese conglomerate, and runs 474 stores and 54 veterinary clinics across seven countries. The acquisition of Portuguese chain ZU — completed 16 December 2025 for €12.9 million — added 65 retail stores in Portugal, of which 24 include in-store veterinary clinics, plus an integrated relationship with the Continente supermarket loyalty programme.
Musti's Portugal chapter is unusual in the corridor narrative because Musti's own parent is Portuguese — Sonae acquired Musti from a Nordic Capital exit in 2025 and consolidated the group's pet-care holdings under the Finnish-anchored platform. The ZU acquisition closes the geographic loop: a Portuguese-owned Finnish retailer expanding back into Portugal, with the integration roadmap targeting Musti's Nordic playbook (own-brand penetration, vet-clinic-attached stores, e-commerce share) translated into the Iberian market.
Fractio helps Nordic companies enter the Portuguese market — from market sizing to first sales, hiring, and legal setup.
Talk to Fractio →