Hints and tips:
Related Topics
...The sale to CD&R is the latest exit for BC Partners, which has returned more than $7.5bn to investors over the past 12 months after reducing its stake in US pet company PetSmart and striking a deal to sell...
...US retailer PetSmart added premium tiers to its loyalty scheme this month. What appears good for shoppers has perks for investors too....
...The IMA deal provides an exit for its current private equity backer BC Partners and marks the firm’s second sale in the past week after it agreed to offload a minority stake in US petcare retailer PetSmart...
...This marks BC Partners’ second big sale in the past week after it agreed to offload a minority stake in US petcare retailer PetSmart to Apollo Global Management....
...“It’s ridiculous that because there’s this new, highly infectious variant causing shortages, they want people to spend less time out of work,” said Adrian Valdes, who quit his job as a groomer at a PetSmart...
...PetSmart did not respond to a request for comment. Petsmart is the third company to pull a high-yield bond deal this week, amid market volatility....
...Swedish group EQT in 2016 acquired IVC Evidensia, which has snapped up hundreds of independent vet practices, and BC Partners bought US groups PetSmart in 2015 and Chewy in 2017....
...gained 77 per cent in the past year, trouncing Amazon’s performance and taking the market valuation of the business that went public in 2019 to around $33bn, more than 10 times the amount its previous owner Petsmart...
...Chewy’s former parent company, PetSmart, recently announced a tie-up with delivery app DoorDash, offering essential items with same-day delivery....
...Edge by Ascential now predicts PetCo and rival PetSmart will perform below original expectations this year. Safety measures for reopened services have also added to costs....
...BC Partners’ multi-billionaire dollar buyout of PetSmart was floundering just a few years ago, but the pet supplies chain and BC teamed up to make a similar online bet on pet e-retailer Chewy in 2016....
...Citi, as an agent, has found itself in the crosshairs before, though in the case of its work for PetSmart, it was the company that was angry....
...Wirecard CFO released on bail after three months in prison (FT) SoftBank share sales provide derivatives bonanza for banks (IFR) Stonepeak to buy cable provider Astound from TPG in $8.1bn deal (FT) PetSmart...
...At the time, PetSmart valued Chewy at between $4.15bn and $4.75bn, according to S&P Global Ratings. PetSmart will remain Chewy’s majority shareholder after the IPO....
...BC Partners acquired Petsmart in 2015 for $9bn. It then added Chewy for $3bn in 2017. The core PetSmart has suffered from the decline of traditional physical retailing....
...* This story has been amended to include the combined number of shares being offered by PetSmart and Chewy and the total amount of money being raised....
...The financing fight at Travelport is the latest in a series and resembles similar brawls at Petsmart, Neiman Marcus, iHeartMedia, Cirque du Soleil and many others where private equity owners tried to keep...
...Following the listing, PetSmart will be left with nearly 70 per cent of the total outstanding shares of common stock, amounting to about 77 per cent of the voting power....
...Naturally, Petsmart creditors — by now dominated by hedge funds — disagreed....
...Now PetSmart may go down as one of the best turnrounds in history....
...PetSmart is now embroiled in a lawsuit about the legality of the move with its lenders. BC Partners declined to comment. PetSmart did not respond to a request for comment....
...It would be a major game-changer for BC Partners, whose stake in debt-strapped PetSmart is effectively worthless....
...Related links: PetSmart gives shares of its growth engine to PE sponsor -- FT Alphaville...
...Under Mr Massey’s tenure, Petsmart sought to boost its online presence with the acquisition of Chewy.com. Petsmart currently operates more than 1,500 stores in the US, Canada and Puerto Rico....
...Recent price moves in PetSmart's debt lend support to that idea....
International Edition