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|Date invested||2014 / 2017|
|Sector||Consumer goods and services|
|Underlying manager||BC Partners|
Co-investment alongside BC European Capital IX
PetSmart is a leading in store and online retailer of pet products and services in the US. It was acquired by BC Partners in a public-to-private transaction in December 2014. In 2017, BC acquired Chewy as a complement to PetSmart: Chewy is the leading specialist online retailer of pet products in the US. The businesses operate alongside each other and have not been operationally integrated: Chewy is an independent subsidiary of PetSmart. Chewy was listed on the NYSE in June 2019 in an oversubscribed IPO which has resulted in a significant uplift. Chewy’s recent results at June 2019 saw annual revenue growth of over 40%.
- PetSmart is a leader in an attractive market.
- Demographics driving increased pet ownership. The trend of the ‘humanisation’ of pets supports long term market growth through economic cycles
- The US pet products market has grown in excess of GDP every year since 2000: it is estimated to be worth $59bn annually
- The investment in Chewy provides exposure to the fast growing e-commerce channel