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BC Partners
“Saddled PetSmart with billions in debt, spun off Chewy to pay for it, and spent a decade looking for the exit.”
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This London-based firm orchestrated the $8.7 billion PetSmart buyout in 2015 — at the time, the largest retail buyout in history. They spun off Chewy as an IPO in 2019 to make back some of their money. The PetSmart deal is now the go-to example of how PE firms pull money out of a company while leaving the business buried under a mountain of debt.
Founded 1986 · London, UK