Dive Brief:
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Pet supplies retailer Petco plans to raise some $100 million in an initial public offering, the company said Monday in initial filings to the Securities and Exchange Commission.
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The filings and plans are preliminary, so that $100 million figure will most likely change; no stock exchange or banks have yet been listed for the IPO.
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Private equity firms TPG Capital and Leonard Green & Partners bought the company for $1.8 billion and took it private in 2006.
Dive Insight:
There’s a lot of movement in the pet supplies space these days. Petco rival PetSmart went in the other direction late last year, with a London-based private equity firm taking PetSmart private in order to restructure and aim for growth.
These back-and-forth moves are a sign of the changing nature of consumers’ approach to their pets, who are more than ever considered members of the family privy to the best in food, toys, and care.
And they’re also a reflection of the high level of competition these days, with general retailers like Target and even grocery stores getting into the pet supplies business.
