Petco picks bank for possible IPO

Petco is preparing for a potential initial public offering or sale that could value the pet supplies retailer at between $4 billion and $5 billion.

Reuters is reporting that the retailer has selected Goldman Sachs to help with an IPO of the San Diego-based company that could take place as soon as this year.

Petco, which started out in 1965 as a mail-order company, was taken private in a $1.8 billion leveraged buyout by TPG Capital and Leonard Green & Partners in 2006. The company operates over 1,400 stores across the United States, Mexico and Puerto Rico, first listed on the Nasdaq in 1994.

Bloomberg first reported last month that Petco was interviewing banks for a listing and could raise about $800 million.

Read more by clicking here.