Petco (additional context — serial PE)

Leonard Green/TPG took Petco private for $1.68B (2006). Flipped to CVC/CPPIB for $4.6B (2016) — second LBO. Third PE ownership cycle. Each flip loaded more debt. IPO'd 2021. Stock crashed 75%+. $2.76B debt. America's #2 pet retailer has been PE-owned for 20 years. Workers see flat wages while PE firms profit from serial flips.