Pets at Home attracts bids from private equity firms

According to reports in the local press, UK pet care retailer Pets At Home has attracted first-round bids of around GBP700 million (USD1.14 billion) from several parties. Apax Partners, Bain Capital, Cinven, Blackstone, Charterhouse, KKR and TPG have all submitted bids with the second-round due next month. The company, bought by Bridgepoint for GBP230 million (USD421 million) in 2004, has been running a dual-track process of pursuing a London listing while also courting bids. In October 2009, the retailer appointed investment bank JPMorgan Cazenove as joint sponsor, joint book-runner and joint global co-coordinator, to examine the options for a potential IPO of the company in 2010.