PetSmart, IncNASDAQ
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  • Apr. 20, 2015, 2:58 PM
    • Pet spending in the U.S. is expected to rise 4.4% to $60.59B this year.
    • The food category is seen rising 3.5%, while growth of 4.7% is forecast for the supplies and medicine category.
    • Sale of premium food weren't broken out, but is seen outpacing the overall industry.
    • Related stocks: FRPT, PETM, SJM, PETS.
    | Apr. 20, 2015, 2:58 PM | 1 Comment
  • Mar. 11, 2015, 3:26 AM
    • BC Partners plans to appoint Michael Massey as chief executive of PetSmart (NASDAQ:PETM) after it completes a $8.7B acquisition of the 1,387-store chain today, WSJ reports.
    • Massey, who previously served as CEO of Collective Brands, will replace David Lenhardt, who will depart with an exit package of about $24M.
    • Previously: PetSmart to be acquired by BC Partners-led group for $8.7B (Dec. 14 2014)
    | Mar. 11, 2015, 3:26 AM | 3 Comments
  • Mar. 4, 2015, 9:02 AM
    • PetSmart (NASDAQ:PETM): Q4 EPS of $1.43 beats by $0.05.
    • Revenue of $1.91B (+6.1% Y/Y) beats by $40M.
    • Shares -0.02% PM.
    | Mar. 4, 2015, 9:02 AM
  • Mar. 3, 2015, 5:30 PM
  • Feb. 4, 2015, 12:03 PM
    • FreshPet (FRPT +1.6%) and PetSmart (PETM +0.1%) trade higher following J.M. Smucker's (SJM +5.3%) entry into the pet food business through an acquisition of Big Heart Pet Brands.
    • The product category has shown stronger demand from consumers than anticipated by analysts.
    • PetSmart etched out an all-time high today of $82.53 - just off its buyout price of $83.
    • Though FreshPet is off its IPO highs, the stock trades at a much higher sales multiple than what J.M. Smucker shelled out last night.
    | Feb. 4, 2015, 12:03 PM | 1 Comment
  • Dec. 20, 2014, 10:17 AM
    • The S&P Retail ETF (NYSEARCA:XRT) is up 3.4% over the last month to outpace the S&P 500 Index as consumer spending trends improve. Analysts have honed in on some categories which show some promise for growth.
    • Drugstores: The transition by the sector into more health/wellness services sets it up for new growth channels. CVS Health (NYSE:CVS) reported strong comparable-store sales despite the full tobacco exit, while Rite Aid (NYSE:RAD) is prepping for a roll-out of RediClinics and HealthSpot kiosks. The visibility on Walgreen (NYSE:WAG) is somewhat clouded by the giant Alliance Boots integration, although it's ahead of rivals on the tech front with its rewards program, pharmacy app and developing online doctor concept.
    • Athleisure: There's some gender initiatives going on in the athletic apparel sector with Under Armour (NYSE:UA) and Nike (NYSE:NKE) growing their women's business and Lululemon (NASDAQ:LULU) expanding on the men's side. All three companies have been closely on-trend with their assortment in a category with explosive demand. Importantly, pricing has held up this holiday season in the U.S., note retail watchers.
    • Online replenishing: Fresh research into shopping trends indicates certain categories see continued buying through the online channel as consumers become attuned to a brand. Retailers positioned well to see more gains from the trend include Williams-Sonoma (NYSE:WSM), Ulta Beauty (NASDAQ:ULTA), Staples (NASDAQ:SPLS), Office Depot (NASDAQ:ODP), Sephora (OTCPK:LVMHF), Dick's Sporting Goods (NYSE:DKS), and of course Amazon (NASDAQ:AMZN).
    • P-E buyouts: There are plenty of candidates in the retail sector for a leveraged buyout similar to the action that helped propel shares of PetSmart (NASDAQ:PETM) +40% from their lows. Keep an eye on Abercrombie & Fitch (NYSE:ANF), Aeropostale (NYSE:ARO), and Ann (NYSE:ANN).
    | Dec. 20, 2014, 10:17 AM
  • Dec. 15, 2014, 8:14 AM
    • Several investment firms think that a higher buyout offer on PetSmart (NASDAQ:PETM) is unlikely.
    • SA contributor Apus Investments predicts PetSmart shareholders will approve the deal with Longview Asset Management already pledging its 9% block in favor of the transaction.
    • PetSmart is the target of an investigation by a class action law firm over the slim premium (compared to Friday's closing price) it agreed to in its announced takeover.
    • PETM +4.3% premarket to $81.00 - still below the deal price of $83 per share.
    | Dec. 15, 2014, 8:14 AM
  • Dec. 14, 2014, 4:16 PM
    • PetSmart (NASDAQ:PETM) has agreed to be bought by a BC Partners-led group for $8.7B, or $83/share, in the largest private-equity buyout of 2014.
    • The price is 39% higher than PETM's "unaffected" closing share price on July 2, 2014.
    • $8.7B is a 9.1x multiple on PETM's adjusted 12-month Ebitda.
    • BC edged out rival buyout firm Apollo Global Management (NYSE:APO) in the auction.
    • Underwriters: Citigroup, Nomura, Jefferies, Barclays and Deutsche Bank, have underwritten the debt package to finance the acquisition.
    • Previously: Apollo Global closes in on $8B PetSmart buyout (Dec. 13), Banking issues cloud PetSmart buyout (Dec. 8)
    | Dec. 14, 2014, 4:16 PM | 12 Comments
  • Dec. 13, 2014, 2:16 PM
    | Dec. 13, 2014, 2:16 PM | 7 Comments
  • Dec. 8, 2014, 7:21 AM
    • The auction deadline for PetSmart (NASDAQ:PETM) is extended into the middle part of this week as potential lenders weigh regulatory issues.
    • Th sticking point for bankers is a new guideline which labels loans "special mention" if a company can't repay all the senior debt from free cash flow or half its debt within 5 to 7 years.
    | Dec. 8, 2014, 7:21 AM
  • Dec. 5, 2014, 12:27 PM
    • Shares of PetSmart (PETM -2.1%) slip after more questions are raised about leverage lending guidelines.
    • International Finance Review reports bankers working with P-E firms could be nervous about providing financing on a PetSmart buyout with regulators taking a harder line recently.
    | Dec. 5, 2014, 12:27 PM
  • Dec. 3, 2014, 9:35 AM
    • Apollo Global Management is the favorite to land PetSmart (PETM), sources tell The New York Post.
    • The P-E firm is expected to offer between $78 and $82 a share for the pet supply chain.
    • Other bidders include BC Partners and a combined effort from KKR and Clayton, Dubilier and Rice.
    | Dec. 3, 2014, 9:35 AM | 3 Comments
  • Nov. 25, 2014, 1:04 PM
    • Wedbush Securities thinks the latest developments at PetSmart (PETM +0.3%) give very limited upside potential for investors and a downside to below the $70 level.
    • A serious game of cat-and-mouse is currently underway between management and potential P-E buyers with PetSmart's recent cost-cutting plan a big part of the equation in handicapping a deal, notes the investment firm.
    • The wildcard in the mix is still Petco, although Wedbush rates a mega-merger in the pet supply store sector as less likely now.
    | Nov. 25, 2014, 1:04 PM
  • Nov. 20, 2014, 5:47 PM
    • Jana Partners has lined up five potential nominees to serve as directors on PetSmart's (NASDAQ:PETM) board if it is not satisfied with the outcome of the pet food retailer's strategic review, according to an SEC filing.
    • If it opts to run a proxy contest, Jana may nominate former CEOs Mac Crawford of Caremark, Julian Day of RadioShack and Thomas Dickson of Harris Teeter, as well as former Wal-mart exec Lawrence Jackson and One Kings Lane co-founder Susan Feldman.
    • PETM began exploring a sale this summer amid pressure from shareholders including 9.8% owner Jana and Longview Asset Management.
    | Nov. 20, 2014, 5:47 PM
  • Nov. 19, 2014, 10:21 AM
    • An acquisition of PetSmart (PETM +4.1%) by KKR and Clayton, Dubilier & Rice is more likely if the company manages to push through its $200M cost-cutting plan, reasons Wedbush.
    • Despite some concerns on PetSmart's weak gross margin rate and high level of inventory, Wedbush assigns a price target of $80 to PETM as a takeover premium.
    • BofA also has a $80 price target on the stock, although it likes the prospect of a PetSmart-Petco merger better than the P-E play.
    • UBS is more PETM)+Q3+Report%3B+Boosts+PT+to+$77/10030390.html" target="_blank">cautious with a $77 price target and tepid Neutral rating on PetSmart, noting the Q3 traffic decline of 2.4% was a concern.
    • Analyst Michael Lasser leans to the apprehensive side: "As we see it, the situation is becoming fascinating, but less analyzable."
    • Previously: Q3 results, Q3 highlights, P-E firms eyeing PetSmart
    | Nov. 19, 2014, 10:21 AM | 1 Comment
  • Nov. 19, 2014, 2:06 AM
    • As the auction for PetSmart (NASDAQ:PETM) heats up, buyout firms KKR (NYSE:KKR) and Clayton, Dubilier & Rice have teamed up to take the pet food retailer private for more than $7.5B, Reuters reports.
    • Petsmart, which reported a FQ3 beat after the bell yesterday, said in August it would explore a potential sale amid pressure from Jana Partners and other activist investors.
    • KKR and CD&R are planning to submit a joint bid next month. Apollo Global Management (NYSE:APO) and BC Partners are also considering offers.
    • PETM +2.6% AH
    | Nov. 19, 2014, 2:06 AM | 4 Comments