CVC Capital Partners and Canada Pension Plan Investment Board (CPPIB) entered into a definitive agreement to jointly acquire Petco Animal Supplies, a leading specialty retailer of premium pet food, supplies and services, for approximately $4.6 billion! The acquisition is expected to close in early 2016.
It must be noted that Petco operates more than 1,400 locations across the U.S., 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. 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”, said James M. Myers, Chief Executive Officer.