CDIB Capital Sells Interest in Chewy, Inc. to PetSmartHong Kong, May 31, 2017
CDIB Capital International Corporation (“CDIB Capital”), the private equity arm of China Development Financial Holding Corporation ("CDF"), is pleased to announce the successful sale of its interest in Chewy, Inc. (“Chewy”) as a result of the US$3.4bn acquisition of the company by PetSmart.
Founded in 2011 by Ryan Cohen and Michael Day, Chewy.com is the U.S.’s leading online retailer for pet products. Chewy has built a cult following for its excellent customer service, large selection and fast shipping. The combination of PetSmart and Chewy creates one of the leading brick and mortar and online pet retailers, providing the most convenient, high-touch customer experience to serve the needs of pet parents and pets across every channel.
Chewy will operate largely as an independent subsidiary of PetSmart and Ryan Cohen will continue to lead as CEO of Chewy and will serve as a member of PetSmart’s board of directors.