Deal Details

Petco Completes $528 Million Follow-On Offering

Consumer

Petco follow-on offering

Summary

Petco Health and Wellness Company, Inc. (“Petco” or the “Company”) (NASDAQ: WOOF), a portfolio company of CVC Capital Partners (“CVC”) and CPP Investments (“CPP”), recently completed a follow-on offering of 22,000,000 shares of its common stock at a price of $24.00 per share, generating gross proceeds of $528.0 million. In addition, the underwriters have been granted a 30-day option to purchase an additional 3,300,000 shares of common stock from the selling stockholders. The selling stockholders will receive all net proceeds from the sale of shares.

Baird served as a co-manager on this offering.

About

Petco is a beloved brand in the United States pet care industry with more than 55 years of service to pets and the people who love and care for them. Since the Company’s founding in 1965, Petco has been developing new standards in pet care, delivering comprehensive wellness solutions through the Company’s products and services and creating communities that deepen the pet-parent bond. Over the last three years, Petco has transformed the business from a successful traditional retailer to a disruptive, fully-integrated, digital-focused provider of pet health and wellness offerings. Petco is headquartered in San Diego, California.

CVC was founded in 1981 and manages funds from over 300 investors across the world with over $117.8 billion of assets under management. CVC manages capital on behalf of institutional, governmental and private investors. CVC is headquartered in Luxembourg, Germany.

CPP is an investment management organization based in Toronto, Canada with over $145 billion of assets under management, whose purpose is to invest funds received from the Canada Pension Plan. The Investment Board operates independently from the federal and provincial governments which were jointly responsible for the creation of the Plan.

Consumer

Petco follow-on offering