BC Partners to Sell Minority Stake in PetSmart to Apollo (1)

BC Partners agreed to sell a minority stake in PetSmart to Apollo Global Management Inc., having shelved plans to take the North American pet retailer public last year.

London-based BC Partners will retain a majority holding in PetSmart alongside Singaporean sovereign fund GIC Pte and the company’s management, according to a statement Monday. It didn’t provide financial details.

BC Partners is generating a three times’ return on its original investment, people with knowledge of the matter said. The buyout firm is reinvesting in PetSmart through its 11th fund, according to the people, who asked not to be identified because ...