MARKHAM, ON — Pet Valu Holdings Ltd. is planning to go public in Canada via an initial public offering.
The retailer of pet food and pet-related supplies has filed with the securities regulatory authorities in each of the provinces and territories of Canada, according to a press release. The number of common shares to be sold and the price per common share have not yet been determined.
The securities under the offering will not be registered or sold in the U.S.
BNN Bloomberg reports that the company will list its shares on the Toronto Stock Exchange. The IPO is “aimed at reducing its debt load, while also aggressively looking to double its store count over the next two decades,” according to the news outlet.
Pet Valu has over 600 corporate-owned or franchised locations across Canada.
Advertisement
The offering is being made through a syndicate of underwriters led by RBC Capital Markets, Barclays and CIBC Capital Markets.
Pet Valu U.S. in November 2020 announced plans to wind down its operations “due to severe impact from COVID-19.” The company said it would shut down all of its 358 stores and warehouses in the Northeastern and Midwestern U.S. as well as its corporate office in Wayne, PA. Pet Valu U.S. licensed its name and contracts for certain services from Pet Valu Canada.
In December 2020, Pet Supplies Plus announced that it would acquire an estimated 40 previously operated Pet Valu locations throughout Indiana, Kentucky, Maryland, New Jersey, Ohio, Pennsylvania and Virginia. Some locations were to reopen with Pet Supplies Plus branding, products and services. And in March 2021, Rumford Pet Express said it would acquire four former Pet Valu locations in Rhode Island.
