Chewy.com (2011-)
firm
A pet-supply website set the record for the biggest e-commerce buyout, then had a chunk of its value moved out of creditors' reach.
Who they are
Chewy[1].com, the online pet retailer founded in 2011 by Ryan Cohen and Michael Day.
What they do
The engine tracks it as a case study in private-equity asset extraction.
How it works
After a $15M Series A from Volition Capital in 2013, it was bought by PetSmart/BC Partners for $3.35 billion in April 2017 — then the largest e-commerce acquisition ever. In 2018, BC Partners used a 'trap door' move to shift 36.5 percent of Chewy's equity into unrestricted subsidiaries, out of bondholders' reach, before taking Chewy public in 2019.
Why it matters
It matters as a textbook leveraged-buyout maneuver, where owners moved value beyond the reach of the company's own creditors.
The engine's record — word for word
E-commerce pet retailer founded 2011 by Ryan Cohen + Michael Day. Volition Capital $15M Series A (2013). Acquired by PetSmart / BC Partners for $3.35B in April 2017 — largest e-commerce acquisition on record at the time. 2019: BC Partners spun Chewy public via IPO. 2018: BC Partners 'trap door' transferred 36.5% of Chewy equity to unrestricted subsidiaries, placing it beyond bondholder reach — classic LBO asset-extraction maneuver.
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