Petco, one of the largest pet-supply store chains in the United States, is getting new owners.
The San Diego-based company announced Nov. 23 that it will be acquired by multi-national investment firm CVC Capital Partners and the Toronto-based Canada Pension Plan Investment Board for about $4.6 billion. The deal is expected to be finalized in early 2016.
The new owners “have outstanding track records and deep retail experience and resources that will help support our growth initiatives,” said James M. Myers, Petco’s chief executive officer. Petco has been owned by a group of investors led by multi-national TPG and Los Angeles-based Leonard Green & Partners.
Petco, which sells pet food, supplies and services, operates more than 1,400 stores across the United States and Mexico. Last November, it unveiled plans to acquire Drs. Foster and Smith, a major online retailer of pet products, to help it expand its offerings to customers.
Petco is not the only pet store chain undergoing change. In March, PetSmart, Petco’s Phoenix-based rival, was acquired by a consortium led by BC Partners, a London-based investment firm.