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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)

754p
24.00P (3.29%)
5:26PM 6 Jul 2020
The share price information is delayed by at least 15 minutes

Net Asset Value

1,100p
As of 30 April 2020
Next update: October 2020 – Q2 results
Year Net assets NAV per share Share price Dividends per share
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