Apollo to invest in pet retailer PetSmart

• BC Partners first invested in PetSmart in 2015
• The transaction is currently expected to close in the fourth quarter of 2023
• JP Morgan served as financial advisor to BC Partners while UBS Investment Bank served as financial advisor to Apollo

Apollo Global Management has agreed to make an investment in PetSmart, an omnichannel pet retailer in North America. No financial terms were disclosed.

BC Partners, alongside co-investors including GIC and the PetSmart management team, will remain the majority shareholder of PetSmart and retain control of the board.

BC Partners first invested in PetSmart in 2015, leading a group of investors to acquire the company in a public-to-private transaction.

On the transaction, Apollo Partner Salim Hirji said in a statement, “We are excited to be making this investment in PetSmart, an industry leader providing a wide breadth of products and services to pets and pet parents in communities across North America. We look forward to working with and supporting the company’s management team and store associates as PetSmart embarks on its next phase of growth.”

The transaction is currently expected to close in the fourth quarter of 2023.

For BC Partners, JP Morgan served as financial advisor and Kirkland & Ellis LLP served as legal advisors. UBS Investment Bank served as financial advisor to the Apollo and Simpson Thatcher & Bartlett LLP served as legal advisors.

Apollo has about $598 billion of assets under management, as of March 31, 2023.

Established in 1986, BC Partners has over €40 billion in assets under management across private equity, private debt, and real estate strategies.

PetSmart operates over 1,660 pet stores in the U.S., Canada and Puerto Rico, as well as more than 200 in-store PetSmart PetsHotel dog and cat boarding facilities.