Question 1

What is Petco?

Accepted Answer

Petco Health and Wellness Company posted $6.1 billion revenue in fiscal 2023 with 1,500+ stores and growing digital business, the #2 U.S. pet specialty retailer behind PetSmart (owned by private equity, estimated $9B+ revenue). Founded 1965 in San Diego as UPCO (United Pharmaceutical Company) selling veterinary supplies mail-order before pivoting to retail stores, Petco evolved through decades of ownership changes: IPO 1994, private equity buyouts (Leonard Green 2000, TPG/Leonard Green 2006, CVC/CPPIB 2016), re-IPO 2021 at $18/share.

Question 2

When was Petco founded?

Accepted Answer

Petco was founded in 1965 in La Mesa, California (San Diego). founded 1965 as UPCO (United Pharmaceutical Company) in La Mesa, California by Walter Evans, initially operating as mail-order veterinary supply business serving veterinarians and pet professionals. 1979 acquisition by Spectrum Group transformed UPCO from niche supplier into retail chain targeting consumers directly, rebranding as 'Petco' and opening stores across California. The 1980s-1990s expansion under CEO Jim Myers followed superstore model: large-format stores (10,000+ square feet) offering comprehensive pet supplies (food, toys, accessories), live animals (fish, birds, reptiles, small mammals), and services (grooming). Strategy combined selection breadth competing with independent pet stores and general retailers, plus services creating repeat visits and differentiation versus big-box competitors (Walmart, Target). Regional expansion through organic growth and acquisitions (smaller pet chains absorbed into Petco brand) built national footprint. 1994 IPO provided growth capital, valuing company at $500M+. Competition with PetSmart (founded 1986, similar superstore format) created duopoly in pet specialty retail, both chains expanding to 1,000+ stores by 2000s. Private equity ownership cycles began 2000: Leonard Green & Partners buyout took Petco private ($600M), focused on operational improvements and real estate optimization, then sold to TPG Capital and Leonard Green consortium 2006 ($1.8B). Financial engineering and leveraged buyout debt created challenges during 2008 recession, leading to restructuring. Canadian pension funds (CVC Capital Partners, Canada Pension Plan Investment Board) acquired majority stake 2016 ($4.6B valuation) before 2021 re-IPO. Through ownership changes, Petco maintained store network and brand, though strategic direction shifted between emphasizing low prices, premium products, services, or e-commerce depending on management priorities.

Question 3

What are Petco's major milestones?

Accepted Answer

Petco has achieved significant milestones throughout its history. In 1965, UPCO Founded: Walter Evans starts mail-order veterinary supply company in San Diego area. In 1979, Retail Transformation: Spectrum Group acquires UPCO, rebrands as Petco, opens retail stores. In 1994, IPO ($500M+ Valuation): Goes public. 500+ stores. National expansion accelerating. In 2000, Leonard Green Buyout: Private equity takes Petco private ($600M LBO). Operational focus. In 2006, TPG/Leonard Green Buyout: $1.8B acquisition by PE consortium. Pre-recession leverage. These milestones represent the company's evolution and growth in its industry.

Question 4

What is Petco's mission?

Accepted Answer

Petco's mission is to To nurture the powerful relationship between people and pets by providing trusted products, services, and advice for pet health and wellness.

Question 5

Who founded Petco?

Accepted Answer

Petco was founded by Walter Evans. Petco originated as UPCO (United Pharmaceutical Company), founded 1965 in La Mesa, California (San Diego suburb) by Walter Evans selling veterinary supplies and pet products via mail-order catalog. 1979 acquisition by Spectrum Group (venture firm) led to retail store expansion, rebranding as 'Petco' (combination of 'pet' and 'company'), and aggressive growth under new management. CEO Jim Myers (1980s-1990s) transformed regional pet supply chain into national superstore competitor, expanding from California base across U.S. with big-box format (10,000-15,000 square feet) offering comprehensive pet supplies, live animals, grooming, and services. Multiple ownership changes reflected private equity playbook: grow through acquisitions, optimize operations, exit via IPO or sale to next buyer.

Question 6

What products or services does Petco offer?

Accepted Answer

Strategic positioning emphasizes pet health and wellness: in-store veterinary hospitals (900+ locations with Vetco partnership), grooming services, training classes, and premium pet nutrition (trending away from commodity dry food toward fresh/specialized diets).

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What is Petco?

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