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Petsmart (Chewy)

$11m
TOTAL INVESTMENT
PetSmart is a leading in store and online retailer of pet products and services in the US.
Key stats
Region North America
Date invested 2014 / 2017
Sector Consumer goods and services
Underlying manager BC Partners

Co-investment alongside BC European Capital IX

Background

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%.

Investment rational

  • 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

More case studies

Share price (ICGT)

1,066p
-14.00P (-1.30%)
8:21PM 1 Jul 2022
The share price information is delayed by at least 15 minutes

NAV per share

1761p
As of 30 April 2022
Full year results for the twelve months ended 31 January 2022
Year Net assets NAV per share Share price Dividends per share
Jan 2022 £1,158m 1,690p 1,200p 27p
Jan 2021 £952m 1,384p 966p 24p
Jan 2020 £794m 1,152p 966p 23p
Jan 2019 £731m 1,057p 822p 22p
Jan 2018 £664m 959p 818p 21p
Jan 2017 £613m 871p 698p 20p
Jan 2016 £521m 731p 545p 11p
Jan 2015 £507m 695p 575p 15.5p
Jan 2014 £494m 677p 563p 15.5p
Jan 2013 £460m 631p 487p 5p
Jan 2012 £415m 569p 357p 5p
Jan 2011 £389m 534p 308p 2.25p
Dec 2009 £338m 464p 305p 2.25p
Dec 2008 £327m 449p 187p 4.5p