From Petfood Industry:
Petco Holdings Inc. has filed for an initial public offering of stock. The company indicated it would seek to raise US$100 million, which is likely a placeholder amount that will change.
Petco is coming to the end of a standard hold period by its private backers, Leonard Green & Partners and Texas Pacific Group, which have held it since 2006 when they bought it for US$1.7 billion.
Leonard Green & Partners holds about 38% of the company’s equity, while Texas Pacific Group holds about 47%.
Terms of the offering were not provided, but Petco said proceeds would go to selling shareholders.
The funds raised from the IPO will finance its growth and strengthen its market position.
Petco operates more than 1,400 stores in the United States, Mexico and Puerto Rico. According to the filing with the Securities and Exchange Commission, Petco had a profit of US$75.3 million on sales of US$4 billion in its 2014 fiscal year, compared with profits of US$84.8 million and sales of US$3.79 billion the previous year.
According to a recent study by Packaged Facts, Petco and its rival PetSmart together account for 20% of all pet product sales in the US. The two pet retail stores had combined sales of about US$11 billion based on Packaged Facts' estimates, with sales of natural pet products an important factor in the strong performances.
Petco Files to Go Public, Raise $100 Million With Offering
NEW YORK (The Deal) -- Petco Holdings, the San Diego-based retailer of pet products, filed for an initial public offering Monday. The company, which indicated it would seek to raise $100 million, likely a placeholder amount, is coming to the end of a standard hold period by its private equity backers, TPG Capital and Leonard Green & Partners, which have held it since 2006 when they bought it for nearly $1.7 billion.
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Pet store chain Petco Holdings Inc. has filed for an initial public offering that could raise up to $100 million to finance its growth and strengthen its market position in the $74 billion pet industry. The San Diego-based company was previously publicly traded but was taken private in 2006 in a $1.8 billion leveraged buyout by Leonard Green & Partners and Texas Pacific Group.
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For the third time in the company’s history, Petco Holdings Inc. has announced a planned initial public offering, with preliminary documents filed Monday. The company previously went public in 1994 and 2002. The last time the company went private was in 2006, when two private-equity firms, TPG and Leonard Green & Partners, executed a $1.7 billion leveraged buyout.
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Months after PetSmart Inc. went private in the largest leveraged buyout of 2014, the other major U.S. pet-supply chain announced plans to return to the public markets. Petco Holdings Inc. struck a decidedly optimistic tone in its prospectus for its planned initial public offering filed late Monday, citing the thriving market for pet services.
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