On Wednesday, Pet Valu (PET) announced a $576M secondary transaction to clear the rest of Roark Capital’s position. The franchise-focused PE firm took PET private in 2009, spat it back out in 2021, and wound down its stake in tranches.

With the overhang on the stock from a large seller now gone and a more diversified shareholder base, PET’s multiple could continue to expand - reversing at least part of the contraction that has weighed on performance since it re-listed.