ROCKVILLE, Md., Aug. 19, 2015 /PRNewswire/ -- Pet retailer Petco filed for an initial public offering (IPO) on August 17, thus announcing intentions to once again make company shares available on the public market. Petco first went public in 1994 as the largest specialty pet retailer in the country at the time, but went private six years later. The company was public again by 2002, but returned to its private status in 2006 when it was acquired by private equity firms TPG Global and Leonard Green & Partners.
This latest move to go public appears to be rooted in the company's confidence both in the pet industry overall and in Petco's own position within the pet retail hierarchy. In the report U.S. Pet Market Outlook, 2015-2016, market research firm Packaged Facts estimated the U.S. pet products and services market at $74 billion in 2014. Packaged Facts expects the industry to hit $92 billion in 2019. Survey data published in the report indicates that in the last three months, 20% of pet owners have purchased their pet food at Petco, trailing only Walmart, supermarkets, and PetSmart. While veterinarians dominate the pet medications segment, Petco still managed to attract 11% of pet owners which tied with Walmart and slightly trailed PetSmart.
Petco's move to go public comes less than a year after competitor PetSmart made headlines announcing that the pet specialty giant agreed to be sold to a group led by investment firm BC Partners for $8.7 billion. As the two largest pet specialty retailers, Petco and PetSmart had sales in 2014 exceeding $11 billion, according to Packaged Facts. The total includes PetSmart's sales in Canada. Services accounted for close to 10% of the total. Combined, the two retailers account for more than 20% of all pet product sales in the U.S.
U.S. Pet Market Outlook, 2015-2016 is the go-to source for a complete understanding of the U.S. pet industry. In its 7th edition, the report evaluates current trends and future directions for marketing and retailing, along with consumer patterns across the full spectrum of the market, including veterinary services, pet food, nonfood pet supplies, and non-medical pet services (grooming, boarding, training, etc.). For more information or to purchase the report visit :
About Packaged Facts – Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, consumer packaged goods, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at www.PackagedFacts.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE Packaged Facts