Roark Capital Group has agreed to purchase Canadian petfood retailer Pet Valu for CAN$143.7 million (US$123.3 million), according to Reuters .

Roark is offering CAN$13.68 (US$11.77) per share. The shares last traded on the Toronto Stock Exchange on July 7 for CAN$13.49 (US$11.60).

As part of the agreement, Pet Valu CEO Geoffrey Holt will retire when the transaction is completed, which is expected sometime in the third quarter.