16 September 2025 – Animal Wellness Investments S.p.A., an independently managed investment subsidiary of
Investindustrial VIII SCSp (“Investindustrial”), has finalised an agreement to invest in Fatro Group (“Fatro” or the
“Group”), a leading Italian company in the veterinary pharmaceutical sector, operating in the production of
medicines and vaccines dedicated to animal health and well-being.

Founded in 1947 by Gualtiero and Corrado Zaini and headquartered in Ozzano dell’Emilia (BO), the Group is a
leader in the animal health sector, specialised in the research, development, production, and commercialisation
of a wide range of pharmaceutical products, vaccines, and other solutions for the treatment and prevention of
diseases in both pet and farm animals

In 2024, the Group recorded revenues of approximately €220 million. Fatro has a significant international
presence, serving customers in over 90 countries and operating through subsidiaries in Turkey, Spain, Greece,
Poland, the Czech Republic, Argentina, Uruguay and India. The Group employs around 870 people and has two
production sites in Italy, located in Ozzano dell’Emilia (BO) and Maclodio (BS).

As part of this partnership, Mrs. Silvana Dal Magro – who will retain a significant stake in the Group alongside
Investindustrial – will continue to serve as Chief Executive Officer, with the goal of further strengthening Fatro’s
leadership position and accelerating its international growth, supported by Investindustrial’s track record in
helping high-quality family-owned mid-market companies expand globally.

Andrea C. Bonomi, Chairman of the Investindustrial Advisory Board, commented: “Investindustrial continues to
be the partner of choice for high-quality, family-owned Italian businesses led by entrepreneurs seeking to take
their companies to the next level of growth. We were extremely impressed by Fatro’s strong performance, market
leadership and outstanding reputation, and we are excited to work alongside Silvana Dal Magro and the entire
management team to help Fatro grow its leadership both in the Italian market and internationally.
Investindustrial’s strong track record in successfully supporting family-owned businesses, combined with its
industrial approach and global network, was a key factor in establishing this partnership, aimed at further growing
a long-standing European leader in the veterinary sector.”

Silvana Dal Magro, Chairman and Chief Executive Officer of Fatro, said: “I am extremely proud of the journey
started by our late Founder, Dr. Corrado Zaini, and carried forward by myself, which has enabled Fatro Group —
thanks also to the valuable contribution of all our employees and people — to establish itself as one of the leading
players in the veterinary pharmaceutical sector. I am confident that the partnership with Investindustrial will allow
Fatro Group to continue its growth path, with the promotion and growth of its people as one of its key strategic
pillars.”

This transaction strengthens Investindustrial’s track record in executing strategic partnerships with families and
entrepreneurs in the mid-market segment, as well as its focus on investments in high-quality health and
manufacturing companies that are leaders in niche markets — which currently represent approximately 70% of
Investindustrial’s deployed capital. Examples include Ourvita (nutraceuticals and wellness product
manufacturing), Arterex (medical components and products), Fassi (lifting equipment), CEME (precision
technologies for fluid control), Guala Closures (specialty closures for spirits and beverages), Omnia Technologies
(automation for the beverage and pharmaceutical sectors) and Piovan (industrial automation in the auxiliary
machinery segment).

In the transaction, Investindustrial was assisted by BofA Securities and L.F. Advisory (financial advisors), Studio
Chiomenti (legal), BCG and Stonehaven Consulting (commercial), PwC (accounting and tax), Ramboll
(environmental), and WTW (insurance).
The shareholders of the Fatro Group were assisted by Capex and Proactiva (financial advisors), KPMG
(accounting), PedersoliGattai and Osborne Clarke (legal), and Stantec (environmental).

About Investindustrial
Investindustrial is a leading European group of independently managed investment, holding and advisory
companies with €17 billion of raised fund capital. With ESG principles deeply embedded into the firm’s core
approach, Investindustrial has a 35-year history of providing mid-market companies with capital, industrial
expertise, operational focus and global platforms to accelerate sustainable value creation and international
expansion. Certain companies of the Investindustrial group are authorised by, and subject to regulatory
supervision of the FCA in the United Kingdom, the CSSF in Luxembourg and the FSRA in Abu Dhabi Global Market.
References to ‘Investindustrial’ are of generic nature, for ease of reading, and may refer, depending on the
context, to a fund or any of its independently managed subsidiaries. Investindustrial’s investment companies act
independently from each other and each Investindustrial fund.
Additional information is available at www.investindustrial.com.

This document (“Document”) has been prepared for information purposes only. Neither the whole nor any of the information in this Document
may be used for any other purpose without the prior written consent of Investindustrial. Any reproduction or distribution of this Document, in
whole or in part, or the disclosure of its contents, without the prior written consent of Investindustrial, is prohibited. No warranty or assurance is
given on the accuracy of the information. All statements of opinion and/or beliefs contained in this Document, and all views expressed and all
projections, forecasts and statements regarding future events, expectations or future performance or returns represent Investindustrial’s own
assessment and interpretation of information available to it at the date of this Document.
Investors must determine for themselves what reliance (if any) they should place on such views, projections, statements or forecasts and no
responsibility is accepted by Investindustrial in respect thereof. Investors should not treat this Document as comprising any element of advice
relating to legal, taxation, accounting or investment matters and are advised to consult their own professional advisors concerning the potential
acquisition, holding or disposal of an investment. Past performance is not a reliable indicator of future performance and any past performance
information contained in this Document is not an indication of future performance.
This Document has not been audited or verified by an independent party and should not be seen as any indication of returns which might be
received by investors. This Document does not constitute an offer or invitation to subscribe or purchase securities or other financial instruments
and the information contained herein is subject to updating, amendment and verification. It should not be relied upon by any persons for any
purpose.
The terms “group”, “we”, “us” (and similar) in this document have been used only for practical ease of reading and do not intend to imply any
specific reference to a legal definition or any activity of control by any individual or company with respect to other companies. Investindustrial
companies are each independently managed by their respective boards of directors.

• PetSmart is a leading omnichannel pet retailer in North America, providing an extensive range of pet products and services across more than 1,660 stores in the United States, Canada, and Puerto Rico
• Apollo Fund investment underscores the robust fundamentals of PetSmart’s business and resilient performance across economic cycles
• BC Partners and its co-investors to receive partial liquidity while maintaining majority ownership and control of the Board of PetSmart
• Apollo will join BC Partners, as it continues to draw on its deep sector knowledge and best in class operating capabilities, to support PetSmart’s management to continue delivering leading products and services to its more than 62 million loyalty members

PHOENIX and NEW YORK – July 24, 2023 – PetSmart (or “the Company”), a leading omnichannel pet retailer in North America, announced today that funds managed by affiliates of Apollo (NYSE: APO) have entered into a definitive agreement to make a strategic equity investment in the Company. BC Partners, alongside co-investors including GIC and the PetSmart management team, will remain the majority shareholder of PetSmart and retain control of the Board.

The strategic investment by the Apollo Funds affirms PetSmart’s strong fundamentals and continued growth opportunity, as the Company drives operational excellence across its store network and builds a broader suite of products and services for pets and pet parents. The Apollo and BC Partners teams continue to see significant opportunities ahead, driven by PetSmart’s growth plans and an industry that continues to be a long-term net grower with increasing pet ownership and higher spend per pet. PetSmart is also differentiated from online-only peers thanks to a broad array of in-person grooming, training, and veterinary services, as well as proprietary brands and product lines.

BC Partners first invested in PetSmart in 2015, leading a group of investors to acquire the Company in a public-to-private transaction. The investment thesis, which continues to hold true today, was underpinned by the structural growth in pet ownership, the humanization of pets, and an increasing focus on animal wellness. PetSmart’s strong market position, robust profitability, and strong cash flow generation reinforces its growth strategy and the resilience of the business and industry.

Under BC Partners ownership, PetSmart and its management team have increased revenues by more than 40%, while investing in associates and industry-leading pet care. The Company’s commitment to continuous investment in learning and professional development for its associates ensures a happy and safe working environment, while delivering the highest standard of animal care. BC Partners’ owner-operator mindset and close, collaborative relationship with PetSmart leadership has helped guide strategic capital investment, including in digital and supply chain development, enabling the Company to deliver significant growth in revenue and profitability, with meaningful contribution coming from omnichannel sales.

“We are delighted to welcome Apollo as a strategic partner – affirming our growth and the strength of our associates’ commitment to doing anything for pets,” said J.K. Symancyk, President and CEO of PetSmart. “The combined expertise of BC Partners and Apollo enables even greater value creation opportunities as we embark on the next stage of growth for the business. We are grateful for the continued support of BC Partners, who have been our trusted partner for over eight years and look forward to working with the team at Apollo who bring the highest levels of expertise and whose vision for PetSmart aligns with our own.”

Apollo Partner Andrew Jhawar said, “PetSmart is an incredible, highly differentiated business in an industry that continues to see strong, sustainable growth across both pet ownership and pet care. We are big believers in PetSmart’s management team and store associates, as well as the Company’s growth strategy, operating model, and historical resiliency throughout market cycles, which gave us strong conviction to make this strategic investment alongside BC Partners, its co-investors and management. We are pleased to support PetSmart’s continued success as a meaningful shareholder moving forward, where we will utilize our demonstrated historical experience as a highly successful investor in the consumer, grocery, and retail sectors.”

Apollo Partner Salim Hirji said, “We are excited to be making this investment in PetSmart, an industry leader providing a wide breadth of products and services to pets and pet parents in communities across North America. We look forward to working with and supporting the Company’s management team and store associates as PetSmart embarks on its next phase of growth.”

Raymond Svider, Chairman of BC Partners, said: “We are in the midst of an incredible journey, which we are pleased to share with the entire PetSmart team. Our conviction in this business, close partnership with management, and the acumen of our investment and portfolio operations team have achieved a flagship investment for the firm, our limited partners, and all stakeholders. BC Partners has a long history of working in partnership with the Apollo team and we welcome the opportunity to do so again as we support PetSmart in the next stage of its growth.”

The transaction is currently expected to close in the fourth quarter of 2023, subject to customary closing conditions and regulatory approvals. Terms of the transaction were not disclosed.

For BC Partners, JP Morgan served as financial advisor and Kirkland & Ellis LLP served as legal advisors. UBS Investment Bank served as financial advisor to the Apollo Funds and Simpson Thatcher & Bartlett LLP served as legal advisors.