PetSmart attracts new investor
Apollo Funds highlights the “continued growth” opportunities in the American pet store chain.
Investment news concerning Arizona-headquartered PetSmart surfaced as private equity firm BC Partners entered into a definitive agreement to sell a minority stake in the company to Apollo Funds.
Apollo reassured in a statement that BC Partners, alongside Singaporean co-investor GIC and PetSmart’s management team, will continue to be the majority shareholder. They will also maintain control over the firm’s board.
The New York private equity firm has noticed continued growth opportunities in PetSmart’s business, which prompted the “strategic investment.”
Comments on the operation
J.K. Symancyk, President and CEO of PetSmart, said he is delighted to welcome the company’s new partner. “The combined expertise of BC Partners and Apollo enables even greater value creation opportunities,” he says.
Apollo has experience as an investor in the consumer, grocery and retail sectors and hopes to bring that “historical experience” to PetSmart.
Raymond Svider, the Chairman at BC Partners, also welcomed this new opportunity. The private equity firm has been working with the pet retailer for over 8 years.
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