M&A Deal Summary

CVC Capital Partners and CPP Investments Acquire Petco Health and Wellness Company

On November 23, 2015, private equity firm CVC Capital Partners and pension CPP Investments acquired retailer Petco Health and Wellness Company from Stockwell Capital, Leonard Green & Partners, TPG, Freeman Spogli, Crescent Capital Group and HarbourVest Partners for 4.6B USD

Acquisition Highlights
  • This is CVC Capital Partners’ 17th and CPP Investments’ 2nd transaction in the Retail sector.
  • This is CVC Capital Partners’ 4th and CPP Investments’ 13th largest (disclosed) transaction.
  • This is CVC Capital Partners’ 15th and CPP Investments’ 9th transaction in the United States.
  • This is CVC Capital Partners’ 2nd and CPP Investments’ 3rd transaction in California.
Investment Fate
  • Petco Health and Wellness Company went public in 2021.

M&A Deal Summary

Date 2015-11-23
Target Petco Health and Wellness Company
Sector Retail
Buyer(s) CVC Capital Partners
CPP Investments
Sellers(s) Stockwell Capital
Leonard Green & Partners
TPG
Freeman Spogli
Crescent Capital Group
HarbourVest Partners
Deal Type Secondary Buyout
Deal Value 4.6B USD
Advisor(s) Goldman Sachs
J.P. Morgan Securities (Financial)
Ropes & Gray (Legal)

Target

Petco Health and Wellness Company

San Diego, California, United States
Petco retail store in Duluth, Minnesota.
Petco retail store in Duluth, Minnesota.
Petco Health and Wellness Company is a health and wellness company focused on improving the lives of pets, pet parents, and their own Petco partners. The company is focused on delivering comprehensive wellness solutions through its products and services, and creating communities that deepen the pet-pet parent bond. It operates more than 1,500 Petco locations across the U.S., Mexico, and Puerto Rico, including a growing network of more than 100 in-store veterinary hospitals, and offer a complete online resource for pet health and wellness. Petco Health and Wellness Company was founded in 1965 and is based in San Diego, California.

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Buyer(S) 2

Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


DEAL STATS #
Overall 180 of 323
Sector (Retail) 17 of 20
Type (Secondary Buyout) 32 of 76
State (California) 2 of 6
Country (United States) 15 of 44
Year (2015) 11 of 15
Size (of disclosed) 4 of 56
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-16 Pilot Flying J

Knoxville, Tennessee, United States

Pilot Flying J owns and operates travel centers near interstate highways across the US. The large majority of the Company's locations are concentrated in the Midwest and Southeast of the US. Pilot Flying J was originally established in 1958 and is based in Knoxville, Tennessee.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-24 Cerved Group

Milan, Italy

Cerved Group S.p.A. is the business information supplier in Italy. The Company is active in the Italian financial and credit information market and provides products and services to financial institutions, corporations, finance professionals, retail users and public administration entities.

Sell -
Buyer
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


DEAL STATS #
Overall 12 of 51
Sector (Retail) 2 of 4
Type (Secondary Buyout) 4 of 11
State (California) 3 of 7
Country (United States) 9 of 26
Year (2015) 4 of 4
Size (of disclosed) 13 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-09 DJ Basin Oil & Gas - Assets

Colorado, United States

DJ Basin acreage comprises 51,000 net acres. During the first half of 2015, the assets produced an average of 52 million cubic feet per day (MMcf/d) of natural gas and 14,800 barrels per day of crude oil and natural gas liquids.

Buy $900M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-06 Glencore Agricultural Products

Switzerland

Glencore Agri is a globally integrated grain and oilseed business primarily focused on grains, oilseeds products, rice, sugar, pulses and cotton with activities including origination, processing, storage, logistics and marketing. Company have controlled and non-controlled facilities for storage, handling and processing, in strategic locations. The business is supported by an extensive silo and export elevator network. Company suppliers are farmers, farming co-operatives, processing plants, local exporters and global merchants. Company customers include the processing industry (food, animal feed and consumer products), local importers and government purchasing entities.

Buy $2.5B

Seller(S) 6

SELLER

Stockwell Capital

Austin, Texas, United States

Investor Investor


Category Private Equity Firm
Founded 2002
PE ASSETS 750M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Stockwell Capital is a co-investment firm, focused on making minority investments alongside private equity sponsors. Stockwell is a generalist investor, with no sector preferences and looks to commit $3 to $10 million per investment. The Firm will consider opportunities throughout the US and Europe and prefers late-stage or growth equity situations. Stockwell Capital was formed in 2002 and is based in Chicago.


DEAL STATS #
Overall 33 of 41
Sector (Retail) 2 of 3
Type (Secondary Buyout) 6 of 9
State (California) 4 of 5
Country (United States) 26 of 33
Year (2015) 9 of 9
Size (of disclosed) 3 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-26 Taylor-Wharton International

Minnetonka, Minnesota, United States

Taylor-Wharton International designs and manufacturers a comprehensive range of stationary bulk and portable cryogenic storage systems for gas and liquid applications.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-02 The Sports Authority

Englewood, Colorado, United States

The Sports Authority, Inc. is a provider of full-line sporting goods retailers offering a comprehensive high-quality assortment of brand name sporting apparel and equipment at competitive prices. The company operates over 400 stores in 45 states. The Sports Authority, Inc. was formed in 1928 and is based in Englewood, Colorado.

Sell -
SELLER

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.


DEAL STATS #
Overall 25 of 54
Sector (Retail) 8 of 15
Type (Secondary Buyout) 8 of 18
State (California) 5 of 7
Country (United States) 24 of 51
Year (2015) 5 of 5
Size (of disclosed) 4 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-02 RestorixHealth

Metairie, Louisiana, United States

RestorixHealth is a provider of comprehensive wound care treatment centers that offer advanced wound care modalities as well as hyperbaric oxygen therapy (“HBOt”). RestorixHealth focuses on establishing in-hospital centers of excellence to treat the growing incidence of severe grade diabetic wounds of the lower extremities and wounds that are unresponsive to general wound care treatments. RestorixHealth was established in 1997 and is based in Metairie, Louisiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-02 The Sports Authority

Englewood, Colorado, United States

The Sports Authority, Inc. is a provider of full-line sporting goods retailers offering a comprehensive high-quality assortment of brand name sporting apparel and equipment at competitive prices. The company operates over 400 stores in 45 states. The Sports Authority, Inc. was formed in 1928 and is based in Englewood, Colorado.

Sell -
SELLER

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 149 of 267
Sector (Retail) 9 of 13
Type (Secondary Buyout) 11 of 36
State (California) 39 of 63
Country (United States) 109 of 193
Year (2015) 14 of 15
Size (of disclosed) 10 of 71
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-02 China International Capital

Beijing, China

China International Capital Corporation is a provider of financial services in Mainland China and internationally. Its business scope includes economic, securities, and market research, debt and equity issuance and underwriting, merger and acquisition advisory, equity sales, and trading, fixed income, principal investment, asset management, wealth management, private equity, and investment advisory. China International Capital Corporation was founded in 1995 and is based in Beijing, China.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-02 LifeStance Health

Scottsdale, Arizona, United States

LifeStance Health is a provider of medically driven, evidenced-based treatment services for its patients who are suffering from addiction, substance abuse and eating disorders in a variety of settings including residential treatment centers, outpatient clinics, sober living facilities and aftercare settings. LifeStance Health was established in 2015 and is based in Scottsdale, Arizona.

Buy -
SELLER

Freeman Spogli

Los Angeles, California, United States

Category Private Equity Firm
Founded 1983
PE ASSETS 7.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Freeman Spogli & Co. is a private equity firm focused on acquiring middle-market retail, direct marketing, and distribution companies. The Firm will consider opportunities throughout North America and prefers partnering with management when pursuing acquisitions. Freeman Spogli looks to invest $75 to $300 million in transactions valued up to $750 million. Freeman Spogli was formed in 1983 and is based in Los Angeles, California with an additional office in New York City.


DEAL STATS #
Overall 18 of 25
Sector (Retail) 11 of 12
Type (Secondary Buyout) 4 of 7
State (California) 4 of 5
Country (United States) 17 of 24
Year (2015) 2 of 2
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-04 Creative Co-Op

Memphis, Tennessee, United States

Creative Co-Op is an independent home decor retailer. Creative Co-Op is based in Memphis, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-14 Osprey

Cortez, Colorado, United States

Osprey is an active lifestyle brand in technical packs for outdoor, travel, cycling, running, kids, and urban adventures. The Osprey brand reflects an unwavering commitment to innovation, simplicity, and intended function. Osprey's end customer is a diverse and growing pool of outdoor enthusiasts, elite athletes, active families, and everyday people. Osprey was founded in 1974 and is based in Cortez, Colorado.

Buy -
SELLER

Crescent Capital Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1991
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $35 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.


DEAL STATS #
Overall 33 of 47
Sector (Retail) 3 of 4
Type (Secondary Buyout) 9 of 13
State (California) 5 of 5
Country (United States) 28 of 40
Year (2015) 6 of 6
Size (of disclosed) 2 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-04 Univita Health

Scottsdale, Arizona, United States

Univita Health is creating a unified environment to help people live and age with independence. By providing one place to find and manage resources which support independent aging, Univita makes it easier for individuals to live and age with dignity, in the setting they choose. Univita is accomplishing this by transforming home based care - integrating the complete range of in-home care needs from basic caregiving through complex home health care - and adding the support of the latest technologies.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-02 The Sports Authority

Englewood, Colorado, United States

The Sports Authority, Inc. is a provider of full-line sporting goods retailers offering a comprehensive high-quality assortment of brand name sporting apparel and equipment at competitive prices. The company operates over 400 stores in 45 states. The Sports Authority, Inc. was formed in 1928 and is based in Englewood, Colorado.

Sell -
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 72 of 134
Sector (Retail) 2 of 3
Type (Secondary Buyout) 21 of 35
State (California) 7 of 9
Country (United States) 45 of 85
Year (2015) 14 of 14
Size (of disclosed) 9 of 40
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-20 PhotoBox

London, United Kingdom

Photobox offers a wide range of photo gifting products including photo books, calendars, canvases and wall-art, mugs, gifts, jigsaws, prints and magnets. The company has strong market positions in United Kingdom, France, Spain and Germany as well as other European markets. Photobox serves its key geographical markets through three online brands: Photobox, Hofmann & PosterXXL.

Sell $618M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-01 American Trailer Works

Sumner, Texas, United States

American Trailer Works is a manufacturer and distributor of utility and cargo trailers in North America. American Trailer Works sells trailers through independent dealers and national retailers under the PJ Trailers, Carry-On Trailer, RC Trailers, Middlebury Trailers and other private-label brand names.

Sell -