A deep dive into the complex financial engineering used by BC Partners to manage PetSmart's debt and the eventual spin-off of Chewy.

The acquisition of by PetSmart in 2017 for $3.35 billion was the largest e-commerce deal in history at that time. Initially slammed by the market as a "bet-the-company" move, it is now viewed as one of the most successful private-equity turnarounds ever. 📄 Top Case Studies & Analysis Papers

An firsthand account by Chewy founder Ryan Cohen regarding the financing and scale decisions that led to the acquisition.

Wall Street Journal: How PetSmart Swallowed Chewy - Volition Capital

A detailed strategic look at Chewy's logistics and "bet-the-company" decisions prior to the buyout.

A definitive long-form report titled "How PetSmart Swallowed Chewy—and Proved the Doubters Wrong" . 📈 Strategic Why: "The Life Raft"