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.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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