CVC Capital Partners and the Canada Pension Plan Investment Board agreed to acquire U.S. pet supplies retailer Petco for about $4.6 billion. The acquisition is expected to close in early 2016.
Petco is currently owned by a group of investors led by TPG and Leonard Green & Partners. The company sells pet food and supplies, with more than 1,400 locations across the U.S., Mexico and Puerto Rico.
"Petco is clearly a leader in the industry, with strong further growth potential and a talented leadership team," said Chris Stadler, CVC Managing Partner, in a press release.
"The pet category is a growing and dynamic space within which we believe Petco is ideally positioned to further enhance its leadership position. We look forward to working with our outstanding partners at CPPIB to support the company's growth as it continues to execute its strategy and plans to capitalize on promising market opportunities."