Petco Health and Wellness Company’s $816.5 Million Initial Public Offering

Latham & Watkins LLP represented the underwriters in the offering.

Petco Health and Wellness Company, Inc. (Petco), a complete partner in pet health and wellness, has announced the pricing of its initial public offering of 48 million shares of Class A common stock at a price to the public of US$18 per share. In addition, Petco has granted the underwriters a 30-day option to purchase up to an additional 7.2 million shares of its Class A common stock at the public offering price, less underwriting discounts and commissions.

Goldman Sachs & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Evercore Group L.L.C., Credit Suisse Securities (USA) LLC, UBS Securities LLC, Wells Fargo Securities, LLC, Robert W. Baird & Co. Incorporated, Guggenheim Securities LLC, AmeriVet Securities, Inc., C.L. King & Associates, Inc., R. Seelaus & Co., LLC, Samuel A. Ramirez & Company, Inc., and Siebert Williams Shank & Co., LLC acted as underwriters for the offering.

The Class A common stock is expected to begin trading on the Nasdaq Global Select Market under the ticker symbol “WOOF” on January 14, 2021, and the offering is expected to close on January 19, 2021, subject to the satisfaction of customary closing conditions. Petco expects to receive net proceeds of approximately US$816.5 million, after deducting underwriting discounts and commissions and excluding any exercise of the underwriters’ option to purchase additional shares.

Latham & Watkins LLP represented the underwriters in the offering with a capital markets team led by New York partner Michael Benjamin (Picture) and Bay Area partners Brian Paulson and Tad Freese, with associates Tyler Vivian, Ian Lachow, and Jamie Conn. Advice was also provided on tax matters by New York partner Jiyeon Lee-Lim and Chicago partner Rene de Vera, with associate Michael Zucker; on benefits and compensation matters by New York associate Alisa Hand; on regulatory matters by Bay Area counsels Betty Pang and Heather Deixler, with associate Eitan Bernstein; and on IP matters by New York partner Jeffrey Tochner, with associate Caroline Herald.

Involved fees earner: Michael Benjamin – Latham & Watkins; Eitan Bernstein – Latham & Watkins; Enrique Rene de Vera – Latham & Watkins; Heather Deixler – Latham & Watkins; Tad Freese – Latham & Watkins; Alisa Hand – Latham & Watkins; Caroline Herald – Latham & Watkins; Ian Lachow – Latham & Watkins; Jiyeon Lee-Lim – Latham & Watkins; Betty Pang – Latham & Watkins; Brian Paulson – Latham & Watkins; Jeffrey Tochner – Latham & Watkins; Tyler Vivian – Latham & Watkins; Michael Zucker – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: AmeriVet Securities; Bank of America Securities; C.L. King & Associates; Citigroup Global Markets Ltd; Credit Suisse Securities (USA) LLC; Evercore Inc.; Goldman Sachs & Co.; Guggenheim Securities; R. Seelaus & Co.; Robert W. Baird & Co.; Samuel A. Ramirez & Company, Inc.; Siebert Williams Shank & Co. LLC; UBS Securities LLC; Wells Fargo Securities;


Author: Ambrogio Visconti