Petco Said to Work With Goldman Sachs, BofA, JPMorgan on IPOLeslie Picker and Kiel Porter
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.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- In One Tweet, Kylie Jenner Wiped Out $1.3 Billion of Snap’s Market Value
- China Regulator Seizes Anbang, Chairman Faces Fraud Prosecution
- U.S. Companies Abandon the NRA as Boycott Call Grows
- The Two Words That Will Help Get an Airline Upgrade Over the Phone
- Snap CEO Evan Spiegel Got $638 Million in Year of Firm's IPO