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BC Partners Co-Chairman On Completing $8.25 Billion PetSmart Deal

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BC Partners completed its $8.25 billion leveraged buyout of PetSmart, Inc. (NASDAQ: PETM) on Wednesday and appointed Michael Massey as the new CEO of the company.

Raymond Svider, co-chairman of BC Partners, was on CNBC Wednesday to talk about the acquisition.

Relaxed About Debt

"Frankly, our plan here is to grow the company and that's what at the top of our mind at this stage," Svider said. "In terms of debt load, we are totally, we are quite relaxed about it as you saw the syndication was very, very successful and there's ample cash […] ability and financing headroom to grow and invest in the business for the future."

E-Commerce Is Not The Only Focus

Svider was asked if the online marketing strategy for PetSmart would be a focus for BC Partners. He replied, "Well, it's going to be one focus, but it's not going to be the only focus. PetSmart is a great brand, it has a very good positioning in a very attractive segment of the retail space and we think there's many avenues to further grow the business."

Good Day For Employees

"I think for the 54,000 people at PetSmart we intend to take this company to the next level and it should be a good day for them," Svider said.

Adding Value

On how BC Partners plans to add value to PetSmart after taking it private, Svider said, "We do believe that on the private ownership the company can continue to implement the strategic initiatives that it has already laid out in the public domain and make the necessary changes to accelerate its growth in the future."

Posted-In: BC Partners CNBC PetSmart Raymond SviderMedia

 

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