TPG’s Pet-Care Bet Ends in Bankruptcy as Costs, Probe Take Toll

Independent Pet Partners, the parent of several regional pet-care chains, filed for bankruptcy as the weight of rising costs, pandemic-era closures and reports of a potential link between certain dog food and heart disease strained the business.

The TPG-backed company listed $182 million of assets and liabilities of about $215 million in its Chapter 11 petition filed alongside 12 affiliates in Delaware on Sunday. The firm plans to sell certain business lines, according to the filing.

The company formed in 2017 as a consolidator of independent pet stores amid increasing demand from doting “pet parents” for a one-stop ...