Funds affiliated with CVC Capital Partners and Canada Pension Plan Investment Board have entered into a definitive agreement to jointly acquire the Company from a group of investors led by TPG and Leonard Green & Partners, announced Petco Animal Supplies, Inc on Monday.
The deal of approximately $4.6 billion is expected to close in early 2016.
A specialty retailer of premium pet food, supplies and services, Petco is based in San Diego. Along with one of the leading ecommerce platforms in the pet industry, the company operates more than 1,400 locations across the U.S., Mexico and Puerto Rico.
"We are very excited to partner with CVC and CPPIB to further drive our strategic goal of being the trusted partner of choice for pet parents," said James M. Myers, Chief Executive Officer.
"As the North American pet industry continues to grow, Petco is well positioned with a strong brand, differentiated engagement model, and omnichannel strategy. Both CVC and CPPIB have outstanding track records and deep retail experience and resources that will help support our growth initiatives," he added.
"Petco is clearly a leader in the industry, with strong further growth potential and a talented leadership team," said Chris Stadler, CVC Managing Partner.
"The pet category is a growing and dynamic space within which we believe Petco is ideally positioned to further enhance its leadership position. We look forward to working with our outstanding partners at CPPIB to support the company's growth as it continues to execute its strategy and plans to capitalize on promising market opportunities," Stadler said.
"This investment aligns well with CPPIB's strategy to invest in leading retail businesses with strong omnichannel capabilities. Petco has a well-known brand and a strong position in the U.S. pet sector. The company has long-term relationships with leading pet food vendors and a significant presence in the fast growing e-commerce channel," said Shane Feeney, Managing Director, Head of Direct Private Equity, CPPIB.
"We look forward to working alongside one of our long-standing partners, CVC, to leverage our collective retail expertise in helping to build further value in the business," Feeney added.
"We are so proud to have been part of Petco's journey over a span of 16 years," said Carrie Wheeler, Partner of TPG.
He claimed that incredible growth and result had been delivered by Petco under their ownership period and has positioned itself as a leading retailer in the pet industry that continues to define the category. The secret of success of the company is the new and innovative ways that the company has found to serve its customers.
"We are delighted to have been associated with the Petco team over many years of uninterrupted progress and success and we are tremendously appreciative of CEO Jim Myers and retired CEO & Chairman Emeritus, Brian Devine, and the rest of the Petco team for the outstanding job they've done for our investors," said John G. Danhakl, Managing Partner of LGP.
(Source:www.streetinsider.com)
The deal of approximately $4.6 billion is expected to close in early 2016.
A specialty retailer of premium pet food, supplies and services, Petco is based in San Diego. Along with one of the leading ecommerce platforms in the pet industry, the company operates more than 1,400 locations across the U.S., Mexico and Puerto Rico.
"We are very excited to partner with CVC and CPPIB to further drive our strategic goal of being the trusted partner of choice for pet parents," said James M. Myers, Chief Executive Officer.
"As the North American pet industry continues to grow, Petco is well positioned with a strong brand, differentiated engagement model, and omnichannel strategy. Both CVC and CPPIB have outstanding track records and deep retail experience and resources that will help support our growth initiatives," he added.
"Petco is clearly a leader in the industry, with strong further growth potential and a talented leadership team," said Chris Stadler, CVC Managing Partner.
"The pet category is a growing and dynamic space within which we believe Petco is ideally positioned to further enhance its leadership position. We look forward to working with our outstanding partners at CPPIB to support the company's growth as it continues to execute its strategy and plans to capitalize on promising market opportunities," Stadler said.
"This investment aligns well with CPPIB's strategy to invest in leading retail businesses with strong omnichannel capabilities. Petco has a well-known brand and a strong position in the U.S. pet sector. The company has long-term relationships with leading pet food vendors and a significant presence in the fast growing e-commerce channel," said Shane Feeney, Managing Director, Head of Direct Private Equity, CPPIB.
"We look forward to working alongside one of our long-standing partners, CVC, to leverage our collective retail expertise in helping to build further value in the business," Feeney added.
"We are so proud to have been part of Petco's journey over a span of 16 years," said Carrie Wheeler, Partner of TPG.
He claimed that incredible growth and result had been delivered by Petco under their ownership period and has positioned itself as a leading retailer in the pet industry that continues to define the category. The secret of success of the company is the new and innovative ways that the company has found to serve its customers.
"We are delighted to have been associated with the Petco team over many years of uninterrupted progress and success and we are tremendously appreciative of CEO Jim Myers and retired CEO & Chairman Emeritus, Brian Devine, and the rest of the Petco team for the outstanding job they've done for our investors," said John G. Danhakl, Managing Partner of LGP.
(Source:www.streetinsider.com)