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.
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