A consortium led by private equity firm BC Partners has reached a deal to acquirer retailer PetSmart for about US$8.7 billion ($10.1 billion).
The consortium includes funds advised by BC Partners, alongside several of its limited partners, including the Caisse de dépôt et placement du Québec and StepStone.
“We are very pleased to add PetSmart to our portfolio of investments,” says Raymond Svider, a managing partner at BC Partners. “PetSmart is an iconic brand and the category leader in the growing pet retail industry.”
The transaction was unanimously approved by the PetSmart board and is subject to shareholder and regulatory approval and other customary closing conditions.
The consortium has received fully committed debt financing in connection with the transaction. The transaction is expected to close in the first half of 2015.
PetSmart has nearly 1,400 stores in the United States, Canada and Puerto Rico.
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