Credit Suisse just took a major stake in pet retailer Greencross, and its shares are tanking

Mini dachshunds in in Melbourne, Australia. Scott Barbour/Getty Images

Shares in speciality pet retailer and veterinary provider Greencross fell hard after Credit Suisse grabbed a 13% stake in the pet care group.

The investment bank now has a 12.77% holding after reportedly paying $7.30 a share, which would value the stake at $106 million.

A short time ago, the shares were down more than 7% to $7.37, just ahead of the purchase price.

Greencross has about 10% of the $9 billion Australia and New Zealand pet market. It is Australia’s largest specialty pet retailer and veterinary group with a network of 376 stores and clinics.

In the latest half year results, revenue was up 18% to $362.7 million and underlying net profit 11.5% to $21.17 million.

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