On May 15, 2024, Pet Valu Holdings Ltd. completed a secondary offering in which Roark Capital affiliates, the selling shareholders, sold 5,903,000 common shares at $29.65 per share, raising gross proceeds of approximately $175 million. As a result, Roark Capital's ownership in Pet Valu decreased from 47.5% to 39.2%. Pet Valu did not receive any proceeds, with all funds directed to Roark Capital affiliates. The offering was underwritten by a syndicate led by CIBC World Markets Inc. and RBC Dominion Securities Inc., and included Barclays Capital Canada Inc., Jefferies Securities, Inc., National Bank Financial Inc., Raymond James Ltd., Stifel Nicolaus Canada Inc., TD Securities Inc., UBS Securities Canada Inc., ATB Securities Inc., Cormark Securities Inc., and Laurentian Bank Securities Inc. The underwriters collectively received a 4% fee, amounting to $7 million. Legal counsel for Pet Valu was Blake, Cassels & Graydon LLP, while Osler, Hoskin & Harcourt LLP represented the underwriters.