U.K. Investors Will Acquire PetSmart for $8.7 Billion



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PetSmart has entered into a definitive agreement to be acquired by a consortium led by U.K.-based BC Partners, Inc. The transaction would be valued at approximately $8.7 billion, representing a 9.1x multiple of PetSmart’s adjusted EBITDA1 for the 12 months ending Nov. 2, 2014.

The transaction was unanimously approved by the PetSmart Board and is expected to close in the first half of 2015.

"We are pleased to have reached this agreement with BC Partners, which maximizes value for all of our shareholders and best positions PetSmart to continue to meet the needs of pet parents," said Gregory P. Josefowicz, chairman of PetSmart. "This transaction represents the successful conclusion of our extensive review of strategic alternatives."

David K. Lenhardt, president and chief executive officer of PetSmart added: “This transaction is a testament to the strength of the PetSmart brand and franchise and reflects the dedication and commitment of our 54,000 associates to serving our customers and delivering value for our company and our shareholders.

"The consortium led by BC Partners will be an excellent partner for PetSmart as we continue to implement our strategic plan to capitalize on our opportunities for growth and meet the needs of pet parents,” said Lenhardt.

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