Petco Animal Supplies Inc. has picked banks to help it go public, people with knowledge of the matter said.
The pet-supplies retailer backed by TPG and Leonard Green & Partners is working with Goldman Sachs Group Inc., Bank of America Corp. and JPMorgan Chase & Co. on an initial public offering, said the people, who asked not to be identified discussing private information. Credit Suisse Group AG, Morgan Stanley, Deutsche Bank AG and Wells Fargo & Co. will also manage the offering, the people said.
Petco, which was taken private in a $1.8 billion leveraged buyout nine years ago, is looking to raise about $800 million in an IPO that could happen as soon as this year, people with knowledge of the matter said last week.
A spokesman for San Diego-based Petco declined to comment, as did representatives for TPG and the banks. A representative for Leonard Green didn’t respond to requests for comment.
Petco started in 1965 as a mail-order company for veterinary supplies. In 1994 it went public for the first time, before being acquired by TPG and Leonard Green in 2000 for $600 million. The private equity firms took Petco public in 2002 and acquired it again in 2006.