S2 E3: PetSmart & Chewy: A private equity turnaround story
The Closer: Deals Change the World
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Raymond Spider's Decision to Buy Chewy
PetSmart is buying a big online rival called Chewy.com. Spider adds an additional $2 billion of debt to PetSmart's books. He understood that once Chewie got beyond this growth phase, it could easily become profitable because the company was just using its resources to acquire customers. "I mean, everyone, including me, we were like, what are you doing? This is so risky," he says.
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