PetSmart Acquired in One of Year’s Biggest Deals
Pets are big business — $8.7 billion big, marking the largest private equity sale globally this year. The company’s stock had fallen this summer, and online retailers keep taking a bite out of profits from the chain, which has almost 1,400 stores. But a push from a hedge fund that saw opportunity — buying up shares, then pushing the company to sell — might represent a new way of doing business for Jana Partners. Already the new buyers, BC Partners, expect to cut costs by $200 million.