PetSmart, Inc. acquired by BC Partners-led consortium, including La Caisse, GIC affiliates, StepStone and Longview Asset Management

Basis

• USD 8.7bn enterprise value is treated as publicly disclosed or derived directly from public source data.
• Valuation covers 100% of the target; the amount invested or paid for a stake is separate.
• EV / EBITDA is 9.1x. The USD 8.7bn value and USD 930m EBITDA imply 9.35x; the rounded source inputs are retained with this variance disclosed.
• EBITDA and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
• The announced approximately $8.7 billion whole-company value is retained as reported and treated as estimated 100% EV. The preliminary proxy reports aggregate merger consideration of $8,396,152,051.54, calculated from share and equity-award consideration; this is not the reported EV. PetSmart's reported 9.1x multiple is for adjusted EBITDA for the twelve months ending November 2, 2014; no corresponding EBITDA amount is stated. Reuters separately reports net sales of $7.1 billion for the twelve months to February1, endpoint year unspecified, and an analyst forecast of $930 million EBITDA for 2014. These differing periods and bases are not used to derive multiples. Reported multiple; no denominator amount disclosed for the matching period. Revenue: Reuters reports net sales of $7.1 billion for the twelve months to February1, endpoint year unspecified. EBITDA: Reuters reports analysts' $930 million forecast for 2014. Separately, the company reported 9.1x adjusted EBITDA for the twelve months ending November 2, 2014; no amount disclosed. Adjusted EBITDA is a non-GAAP measure.