SAN DIEGO (CNS) - San Diego-based Petco Animal Supplies Inc. announced Monday that it was purchased by a pair of overseas investing entities for $4.6 billion.
Petco has been owned for 16 years by TPG and Leonard Green & Partners, investment and private equity firms based in San Francisco and Los Angeles, respectively.
The new owners, when the deal closes next year, will be CVC Capital Partners, based in Luxembourg, and the Canada Pension Plan Investment Board, of Toronto.
"Both CVC and CPPIB have outstanding track records and deep retail experience and resources that will help support our growth initiatives," said Petco CEO James Myers.
Chris Stadler, CVC managing partner, said Petco is an industry leader that is well-position for growth.
"The pet category is a growing and dynamic space within which we believe Petco is ideally positioned to further enhance its leadership
position," Stadler said. "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."
Petco sells pet food, supplies and services at more than 1,400 locations in the U.S., Mexico and Puerto Rico, and operates an e-commerce platform.
