Hints and tips:
...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...
...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....
...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....
...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...
...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....
...Naturally, Petsmart creditors — by now dominated by hedge funds — disagreed....
...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....
...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....
...The target this time is BC Partners, which owns pet supplies retailer PetSmart and is, allegedly, using its Chewy.com online subsidiary to seize what little value remains at PetSmart from bond and loan holders...
...Earlier this year Petsmart, which is owned by BC Partners, went to court to defend a similar manoeuvre....
...Mr Massey will also give up his roles as president and board member, PetSmart announced....
...PetSmart is looking for a leg up on the dog-eat-dog retail industry....
...There is no mystery why Petsmart and its rivals refer to animal owners as “pet parents”....
...fallen into distress over the past decade are luxury goods brands including Barneys and Neiman Marcus, specialty apparel retailers such as J Crew and Claire’s, and the country’s largest pet suppliers, Petsmart...
...and the Supreme Court ruled against the appraisal funds in several cases, finding that the merger price or even a lower price constituted fair value in the acquisitions of such companies as Clearwire, Petsmart...
...The buyout firm, one of Europe’s largest and whose past deals have included estate agents Foxtons and pet-store chain Petsmart, will retain a stake of more than 60 per cent in Mergermarket after the deal...
...Government officials allege Mr McClatchey gave tips to Mr Pusey, 47, ahead of at least 10 separate transactions before they became public, including deals involving Petsmart, CVS Health and Duke Energy....
...So, what’s the problem if a hedge fund sees a rise in pet-care spending, and buys PetSmart shares in response?...
...Of the 2014-15 vintage Petsmart had its credit rating downgraded three notches after it was bought by a consortium of investors led by BC Partners for about $8.7bn....
...Petsmart and Dollar Tree, for example, both went back to the loan market just a few months after first issuing loans. All very nice for the companies concerned but it is murder on yields....
...BC Partners’ $8.7bn buyout of Petsmart last week was not just this year’s largest private equity transaction....
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