Petco Sells for $4.6B

Pet-supplies retailer Petco recently sold for $4.6 billion. CVC Capital Partners and the Canadian Pension Plan Investment Board purchased the company, beating out several other bidders in the process.

TPG Capital and Leonard Green & Partners were the former owners and took Petco private in 2006 when there was a $1.8-billion buyout for the company. Petco is headquartered in Rancho Bernardo and was founded 50 years ago as a mail-order firm. Its first store was in La Mesa.

It’s an active turn of events for Petco as the company was set to go public in August. Additionally, Petco was reportedly in merger talks with PetSmart last month,  prompting questions about anti-trust enforcement.