Russ Wiles, The Republic | azcentral.com
The Phoenix-basePetSmartd company, feeling pressure in the increasingly competitive market for pet food and services, had been reviewing its options for the past several months. The purchase by a new ownership group could chart a different direction for a retailer that counts thousands of Arizona employees and tens of thousands of customers.
Its board agreed unanimously to a purchase by a consortium led by London-based BC Partners in what could be the largest private-equity deal of the year.
The investor group agreed to pay $83 a share, according to PetSmart’s statement released Sunday. That’s a premium of about 7 percent over Friday’s closing price of $77.67.