APO - Apollo Global plans to make equity investment in PetSmart

2023-07-25 04:17:40 ET

• PetSmart, a North American pet retailer, reports that funds managed by affiliates of Apollo ( NYSE: APO ) have signed a binding agreement to invest strategically in the company through the purchase of equity for an undisclosed sum.
• London-based BC Partners will retain a majority holding in PetSmart alongside Singaporean sovereign fund GIC Pte. and the company’s management.
• While maintaining majority ownership and control of the PetSmart board, BC Partners and its co-investors will receive a portion of the company's liquidity.
• In 2015, a consortium led by BC Partners had paid $8.7 billion to acquire PetSmart. Since then, sales at the company, which runs over 1,660 locations across the US, Canada, and Puerto Rico, have increased by more than 40%.
• The robust fundamentals of PetSmart’s business and resilient performance across economic cycles have been highlighted by the Apollo Fund investment.
• Apollo will work with BC Partners to help PetSmart's management in continuing to provide top-notch goods and services to its more than 62 million devoted customers as BC Partners continues to draw on its broad industry expertise and powerful operational skills.
• The deal is currently expected to close in the fourth quarter of 2023, subject to customary closing conditions and regulatory approvals.

• More on Apollo Global:

• Apollo funds to make $561M investment into Air France affiliate

• Apollo's Hybrid Value funds to take stake in PanAsia Health

• Wolfspeed to get $2B in debt funding from Apollo-led group - reports

• You Can Find Value, Growth, And Yield Within Apollo Global Management's Tickers

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