Pros
can bring pets to work
Cons
Another review said it this is no longer the same old PetSmart. That in and of itself is not a bad thing. Prior to going private, the management team was clearly making short term decisions as most public companies with quarterly earnings calls are wont to do. When the PE people took over, it was honestly fine that they riffed a bunch of dead weight to make the company more efficient. Unfortunately, this was about the limit of their leadership prowess. I have not before encountered a management team with such an undeserved sense of self worth. Despite coming in and talking good game about building and sustaining a highly performing company, their have made some head scratching decisions. If their goal truly is to position this company for the long term, I have to say they simply are not good at their jobs. On the other hand, despite the whopping nigh $9B price tag they paid for the company, the LPs only actually coughed up around $2B in equity for an asset with something like $1B in annual ebitda....so barring the company going under quickly it is clear the equity partners will get their return, bondholders might get waxed, and perhaps this has been management's true goal all along. In that case, I guess they are good at what they do. Worth adding PetSmart debt is trading at around $93 on secondary markets. (all this is publicly available information).
