Petco Says It’s Filed Confidentially for U.S. IPO
(Bloomberg) -- Petco Animal Supplies Inc., the San Diego-based retail chain, said it has confidentially filed for a initial public offering.
The company didn’t provide further details of its listing plans in a statement, except to say the IPO would be held after the U.S. Securities and Exchange Commission completes a review. It said it hasn’t determined the number of shares to be offered or the price range.
Petco’s owners, CVC Capital Partners and Canada Pension Plan Investment Board, had been exploring an IPO that would value the company at $6 billion, including debt, people with knowledge of the matter have said.
Petco has grappled with challenges including rising competition and disruptions to consumer spending amid the coronavirus pandemic. It operates more than 1,500 stores across the U.S., Puerto Rico and Mexico, according to its website. Some offer pet care services, veterinary advice and vaccination clinics, and the company also has a digital health service known as PetCoach.
Private equity investors CVC and CPPIB acquired Petco for $4.6 billion from TPG and Leonard Green in 2016, a decade after those two firms took Petco private.
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