Chewy, Inc. acquired by PetSmart, Inc.

Basis

• USD 3.4bn enterprise value is a FundComb estimate. Public sources reviewed confirm the transaction, but do not independently disclose every valuation input.
• Valuation covers 100% of the target; the amount invested or paid for a stake is separate.
• Implied EV / revenue is 3.72x, calculated from USD 3.4bn value and USD 901m revenue.
• Revenue and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
• Chewy acquisition terms were undisclosed. Disputed press-reported cash consideration USD3.35bn is used as an estimated whole-company EV proxy under FCR-211; another account called the price inaccurate. FY2016 pre-acquisition sales USD900.566m imply approximately3.72x using the estimate. SEC-reported FY2016 adjusted EBITDA is negative USD97.114m, retained only in notes; no positive EBITDA scalar or EBITDA multiple is used. FY2017 sales USD2.104bn span the acquisition and end January28,2018, so are not used as the pre-acquisition denominator. Estimated USD3.35bn EV divided by SEC-reported FY2016 net sales USD900.566m; 3.72x rounded to two decimals. SEC-reported FY2016 adjusted EBITDA is negative USD97.114m, retained only in visible notes with no EBITDA multiple. FY2016 net sales and negative adjusted EBITDA are reported in Chewy’s SEC filing; only revenue and the estimated EV/revenue multiple are scalar metrics.