Private equity firm CVC Capital Partners and Canada Pension Plan Investment Board have agreed to acquire the holding company for Petco Animal Supplies Inc. at a cost of $4.6 billion.
A joint statement said CVC and the Pension Plan Investment Board will purchase Petco Holdings from its current group of investors in a deal expected to close in early 2016.
Petco operates over 1,400 retail locations across the U.S., Mexico and Puerto Rico, and maintains an e-commerce outlet.
“As the North American pet industry continues to grow, Petco is well positioned with a strong brand, differentiated engagement model, and omni-channel strategy,” said Petco CEO James Myers. “Both CVC and CPPIB have outstanding track records and deep retail experience and resources that will help support our growth initiatives.”