Petz’s R$779 Million Follow-On Offering

November 23, 2021

Cleary Gottlieb represented Itau BBA USA Securities Inc., BofA Securities Inc., Bradesco Securities Inc., BTG Pactual US Capital LLC, Morgan Stanley & Co. LLC, Santander Investment Securities Inc., and XP Investments US LLC, as international placement agents, in the follow-on equity offering of Pet Center Comércio e Participações S.A. (Petz).

The offering raised approximately R$779 million in gross proceeds and consisted of a primary offering of 41 million common shares. The offering was launched with a fixed price of R$19 per share on November 9, 2021, and closed on November 23, 2021. The shares were offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.

Petz is the most complete pet solution platform in Brazil in terms of product assortment, sales channels, geographic coverage, and offer of products and services, and has more stores than any other pet specialized retail chain in Brazil. Petz operates through 153 stores and digital channels, under a strong omnichannel strategy. Petz is arguably the largest chain of veterinary and animal grooming centers in Brazil and one of the largest program for adoption of cats and dogs in the country. Petz Solution platform offers a wide range of pet products, including products under its private label Petz, animal healthcare, and grooming services, adoption centers for cats and dogs, in addition to events, recreational spaces, social projects, and other experiences focused on pets and their families.