Petco Sets IPO to Raise as Much as $288 Million
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WASHINGTON — Petco Animal Supplies Inc., taken private in a $600-million buyout a year ago, will seek to raise money through an initial public offering.
The San Diego-based retailer of pet supplies filed with the Securities and Exchange Commission to sell as much as $288 million of common stock. Proceeds would be used to redeem preferred shares.
Leonard Green & Partners and Texas Pacific Group teamed up in October 2000 to acquire Petco for $22 a share. Leonard Green, a Los-Angeles investment firm, also had arranged to buy Veterinary Centers of America Inc. this year.
Petco is one of the nation’s leading pet food and supplies retailers, with 560 stores in 41 states and the District of Columbia. Store merchandise includes pet foods, grooming products and toys for dogs, cats, fish and birds.
The company’s stores are designed to combine the broad merchandise selection and low prices of a warehouse superstore with the convenient location of a neighborhood pet store. Stores are usually located near supermarkets, coffee shops, dry cleaners and video stores.
Net sales rose to $937.2 million for the 39 weeks ended Nov. 3, from $810.4 million during the same period last year. The company’s net loss during the period narrowed to $23.1 million from $37.3 million a year earlier.
Petco will seek to have its shares traded on the Nasdaq Stock Market under the symbol PETC.
The company didn’t list the names of possible underwriters in the registration statement it filed with the SEC.
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