Brentwood, Tenn. — Brentwood-based Tractor Supply Co., a rural lifestyle retail chain with 1,575 stores in 49 states, has purchased Petsense LLC, a pet supply retailer with 136 stores in 25 states.
The transaction price was $116 million, including estimated future tax benefits of $29 million. Petsense will operate as a subsidiary of Tractor Supply Co. from Petsense’s current headquarters in Scottsdale, Arizona, and will continue to be led by members of Petsense’s senior management team.
Tractor Supply plans to continue to grow the Petsense store base at a target rate of 15 percent to 20 percent annually and will convert its two existing HomeTown Pet stores to Petsense stores.
Peter J. Solomon Co. acted as exclusive financial advisor and Bass, Berry & Sims PLC acted as legal advisor to Tractor Supply Co. William Blair & Co. acted as exclusive financial advisor and Jenner & Block acted as legal advisor to Petsense.