Petco Animal Supplies, Inc., a leading specialty retailer of premium pet food, supplies and services, announced today that funds affiliated with CVC Capital Partners (CVC) and Canada Pension Plan Investment Board (CPPIB) have entered into a definitive agreement to jointly acquire the company from a group of investors led by TPG and Leonard Green & Partners (LGP) for approximately $4.6 billion. The acquisition is expected to close in early 2016.
Based in San Diego, Petco is a leading specialty retailer of premium pet food, supplies and services. The company operates more than 1,400 locations across the US, Mexico and Puerto Rico, along with one of the leading ecommerce platforms in the pet industry.
“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.”
Myers continued, “I’d like to thank TPG and LGP for their long-standing partnership. We have grown significantly under their ownership, and built one of the industry’s leading pet specialty retailers.”
