TPG Capital, Leonard Green & Partners Sell Petco to CVC Capital Partners, CPPIB
Ropes & Gray represented TPG Capital and Petco Animal Supplies, Inc. in connection with a definitive agreement by which funds affiliated with CVC Capital Partners and Canada Pension Plan Investment Board (CPPIB) are to jointly acquire Petco from a group of investors led by TPG and Leonard Green & Partners for approximately $4.6 billion. The acquisition, announced Nov. 23, is expected to close in early 2016, subject to customary closing conditions.
Based in San Diego, Petco is a leading specialty retailer of premium pet food, supplies and services. The company operates more than 1,400 Petco locations across the U.S., Mexico and Puerto Rico, along with one of the leading e-commerce platforms in the pet industry.
The Ropes & Gray team was led by private equity partner Jason Freedman (San Francisco) and included securities & public companies partner Julie Jones (Boston); executive compensation & employee benefits partner Renata Ferrari (Boston); finance partner Michael Lee (Boston); tax partner Adam Greenwood (New York); and securities & public companies associate Thomas Fraser (Boston).