Chewy Backer BC Partners Seeks to Raise $1 Billion in Block (1)

Funds advised by BC Partners are seeking to sell $1 billion worth of Chewy Inc. shares in a block trade.

The Plantation, Florida-based pet product retailer won’t receive any proceeds from the sale, according to a statement Monday. The shares are being offered for $41.95 to $42.50 each, according to people familiar with the matter.

Shares of Chewy fell 3.3% in after-hours trading to $41.95 each as of 4:59 p.m. in New York.

The sale is expected to price overnight, the people said, asking not to be identified as the information isn’t public. Representatives for Chewy and BC Partners didn’t ...