PetSmart's Latest Bite at E-Commerce: Chewy.com
April 18 2017 - 9:07PM
Dow Jones News
By Maria Armental
PetSmart is champing at the e-bit, clinching a deal for pet
products site Chewy.com.
Chewy's co-founder and Chief Executive Ryan Cohen will remain in
charge of the startup, which will operate largely as an independent
unit of PetSmart, the companies said.
Financial terms weren't disclosed. The deal is expected to close
by the end of the second fiscal quarter.
PetSmart was taken private in 2015 by a group led by
private-equity firm BC Partners for more than $8 billion. The
company has been trying to expand its online market share,
including a roughly $130 million deal for Pet360 in 2014.
Chewy.com, with about $900 million in sales last year, is the
No. 1 online pet retailer, ahead of Amazon.com, according to
analytics firm 1010data.
Founded in 2011, Chewy.com attracted investments from the likes
of Mark Vadon, whose previous ventures include internet retailer
Zulily Inc. and online jeweler Blue Nile, and Kevin Hoffman, Home
Depot Inc.'s chief marketing officer and president of online
operations, along with Volition Capital, formerly the Fidelity
Ventures unit of Fidelity Investments.
Chewy, which bills itself as "your neighborhood pet store, but
better," is based in Dania Beach, Fla., and has more than 5,000
employees with operations in Boston, Pennsylvania, Indiana, Texas
and Nevada.
Meanwhile, PetSmart has more than 1,500 stores and some 55,000
workers.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
April 18, 2017 20:52 ET (00:52 GMT)
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