PHOENIX--(BUSINESS WIRE)--PetSmart, Inc. (“PetSmart”) today announced it completed the acquisition of Chewy, Inc. (“Chewy”), the nation’s leading online retailer for pet products. The combination of PetSmart and Chewy creates one of the leading brick and mortar and online pet retailers, providing the most convenient, high-touch customer experience to serve the needs of pet
parents and pets across every channel.
“We are excited to team up with Chewy”
PetSmart will benefit from Chewy’s e-commerce expertise as it continues
its transformational journey to be the most convenient, best-in-class
pet retailer. Chewy will focus on its current business strategy and have
access to PetSmart’s infrastructure and scale.
“We are excited to team up with Chewy,” said Michael Massey, President
and Chief Executive Officer of PetSmart. “The addition of Chewy will
help accelerate and drive the success of our digital strategy and the
combination will provide customers with the most convenient experience
and the widest selection of products and services available, both
in-store and online. Ryan and his team bring extensive experience in
providing customer-focused solutions for pet parents across digital
channels, a key strategic focus for PetSmart. We look forward to
developing new and innovative offerings and continuing to be the trusted
partner to pet parents and pets.”
Chewy will operate largely as an independent subsidiary of PetSmart.
Ryan Cohen will continue to lead as CEO of Chewy and will serve as a
member of PetSmart’s board of directors.
“I am looking forward to working with Michael and the PetSmart team,”
said Ryan Cohen, co-founder and CEO of Chewy. “Our companies have a
shared mission centered on a love of pets and serving pet lovers, which
will be the foundation for everything we do together. Chewy will
continue to wow our customers with personalized customer service and
speedy delivery of their pet’s favorite food and supplies.”
As previously disclosed, PetSmart financed the transaction through the
offering of $1,350 million of 5.875% senior first lien notes and $650
million of 8.875% senior notes, together with proceeds of an
approximately $1,000 million equity contribution by PetSmart’s existing
investor group and cash on hand.
About PetSmart
PetSmart, Inc. is one of the largest pet retailers of services and
solutions for the lifetime needs of pets. At PetSmart, we love pets and
we believe pets make us better people. Every day with every connection,
PetSmart’s passionate associates help bring pet parents closer to their
pets so that together, they can live more fulfilled lives. This vision
impacts everything we do for our customers, the way we support our
associates and how we give back to our communities. We employ
approximately 55,000 associates, operate more than 1,500 pet stores in
the United States, Canada and Puerto Rico, as well as more than 200
in-store PetSmart® PetsHotel® dog and cat boarding facilities. PetSmart
provides a broad range of competitively priced pet food and products, as
well as pet-focused services such as dog training, pet grooming, pet
boarding, PetSmart ® Doggie Day Camp® and pet adoption. PetSmart,
together with non- profits PetSmart Charities® and PetSmart Charities™
of Canada, invite more than 3,000 animal welfare organizations to bring
adoptable pets into stores so they have the best chance possible of
finding a forever home. Through this in-store adoption program and other
signature events, PetSmart has facilitated more than 7.3 million
adoptions – more than any other brick-and-mortar organization. PetSmart
also operates AllPaws, an online pet adoption platform that helps
potential pet parents find the perfect pet to adopt based on their home,
family and lifestyle. PetSmart offers the most comprehensive pet care
information in the U.S. In celebration of its 30th anniversary, PetSmart
launched its Buy a Bag, Give a Meal™ program in March 2017. For every
bag of cat or dog food purchased March 1 – Dec. 31, 2017, PetSmart will
donate a meal to pets in need and expects to donate more than 60 million
meals in 2017.
About Chewy
Chewy is a leading online retailer of pet food and products in the
United States. Founded in 2011 by entrepreneurs, Ryan Cohen and Michael
Day, Chewy set out to offer pet parents the expertise and service of a
local pet store with the convenience of online shopping. Chewy delivers
on that promise with its dedication to 24/7 customer service, creation
of cutting-edge software and technology to enhance the user experience,
and commitment to sourcing high quality products. Headquartered in Dania
Beach, Florida, Chewy currently employs more than 5,000 pet lovers both
in their home office, Boston office and fulfillment centers in
Pennsylvania, Indiana, Texas and Nevada. For more information, visit www.chewy.com.