KIC invests $100m in US pet supplies firm
South Korea's sovereign wealth fund KIC has invested $100 million in US-based pet supplies and services retail chain PetSmart as part of a takeover led by US private equity firm BC Partners.
The net value of the acquisition was not disclosed. The consortium is also understood to include Singapore's GIC Private, Canada's La Caisse de dépôt et placement du Québec, StepStone and Longview Asset Management. According to South Korea's Yonhap News, KIC will take a 5% stake in the Arizona-based business.
PetSmart was set up in 1986 and claims to be the largest specialty retailer of pet supplies and services. The company runs 1,404 pet stores with 53,000 employees across the US and Canada, and also runs 202 in-store dog and cat boarding facilities under the PetsHotel brand. It also offers veterinary services at 60% of its stores.
In its March annual report the company reported a 0.4% rise in net income to $132.1 million in the fourth quarter of 2014, compared to $13.5 million in the fourth quarter of 2014. Net sales for the fourth quarter of 2014 increased 6.0% to $1.9 billion.
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