The deal comes to $29 per share for Petco, which operates about800 stores across the country. The transaction will take Petcoprivate.
Leonard Green and Texas Pacific have both been avid retailbuyers. At the beginning of the year Leonard Green bought the400-store Sports Authority for about $1.3 billion. It also made abid for the Hollywood Video chain before competitor Movie Gallerystepped in an acquired the company last year. Texas Pacific waspart of the joint venture that closed on the Neiman Marcusdepartment-store chain last year for about $5 billion.
Petco posted net earnings of $11 million during its firstquarter, down from $17.2 million during the same year-ago period.Same-store sales rose 2.2% for the quarter, which ended April 29,and net sales were $521 million, up 8.6%.
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