Funds managed by affiliates of Apollo have entered into a definitive agreement to make a strategic equity investment in PetSmart, an omnichannel pet retailer in North America. 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. The transaction is currently expected to close in Q4, subject to customary closing conditions and regulatory approvals. Terms of the transaction were not disclosed.
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