Acquisition of PetSmart by BC Partners complete
President and CEO Lenhardt steps down
The acquisition of PetSmart Inc. by a consortium led by BC Partners was completed on March 11, 2015.
PetSmart shareholders will receive $83 per share in cash, representing a premium of approximately 39% over PetSmart’s unaffected closing share price on July 2, 2014. The transaction was approved by PetSmart stockholders at a special meeting of stockholders held on March 6, 2015. As a result of the completion of the acquisition, the common stock of PetSmart will no longer be listed for trading on NASDAQ and PetSmart expects no further trading after the close of business on March 11, 2015.
“Today is an important day in PetSmart’s history. We are committed to actively investing in long-term growth opportunities for PetSmart and delivering for its customers and their pets for many years to come,” said Raymond Svider, a managing partner at BC Partners.
PetSmart’s David K. Lenhardt will step down from his role as president and CEO. He will be replaced by Michael J. Massey. Svider will become non-executive chairman of the board of directors.
“I have been honored and privileged to lead this great company,” Lenhardt said. “My 15-year journey with PetSmart is filled with wonderful memories of our passionate associates who represent the best and brightest in retail. I am confident that PetSmart will continue to lead the industry by creating more moments for people to be inspired by pets."
Massey, who will be based at PetSmart headquarters in Phoenix, Arizona, USA, said: “I am honored today to be appointed to this role and look forward to building upon the heritage and reputation that PetSmart has established as the most admired pet retailer. I am excited to work closely with the PetSmart team to bring the brand ever closer to the hearts of pet parents everywhere. I’m confident that PetSmart’s future will be one defined by growth, increased opportunities for our team and closer emotional connections with our customers.”
Massey joins PetSmart with more than 25 years of experience in the retail industry, with specific expertise in using research and insights to develop a more personalized, holistic customer experience.