PETC Petco Animal Supplies

SAN DIEGO, Aug. 7 /PRNewswire-FirstCall/ -- PETCO Animal Supplies, Inc. (NASDAQ:PETC), a leading specialty retailer of premium pet food, supplies and services, announced today that it has received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with the company's pending acquisition by an affiliate of private equity investment firms Texas Pacific Group and Leonard Green & Partners, L.P. for $29.00 per share in cash, or a total transaction value of approximately $1.8 billion (including assumed debt). The transaction remains subject to the receipt of stockholder approval as well as the satisfaction of customary closing conditions. The transaction is expected to close by the fourth quarter of 2006. About PETCO Animal Supplies, Inc. PETCO is a leading specialty retailer of premium pet food, supplies and services. PETCO's vision is to best promote, through its people, the highest level of well being for companion animals, and to support the human-animal bond. It operates more than 800 stores in 49 states and the District of Columbia, as well as a leading destination for online pet food and supplies at http://www.petco.com/. Since its inception in 1999, The PETCO Foundation, PETCO's non-profit organization, has raised more than $30 million in support of more than 3,500 non-profit grassroots animal welfare organizations around the nation. About Leonard Green & Partners, L.P. Leonard Green & Partners is a Los Angeles-based private equity firm specializing in organizing, structuring and sponsoring management buy-outs, going-private transactions and recapitalizations of established public and private companies. Leonard Green & Partners is the largest private equity firm in Southern California managing approximately $3.7 billion of private equity capital. Visit http://www.leonardgreen.com/. About Texas Pacific Group Texas Pacific Group, based in Fort Worth, TX, is a private investment firm with more than $30 billion of assets under management. TPG invests in world-class franchises across a range of industries and has extensive experience with public and private investments executed through leveraged buyouts, recapitalizations, take private transactions, spinouts, joint ventures, and restructurings. Visit http://www.texaspacificgroup.com/. Forward-Looking Statements Certain statements in this news release that are not historical fact constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements typically are identified by the use of terms such as "may," "should," "might," "believe," "expect," "anticipate," "estimate" and similar words, although some may be expressed differently. Forward-looking statements in this release include, but are not limited to, statements regarding receipt of approvals and closing of the proposed merger transaction. These statements are based on our management's current expectations. There are a number of risks and uncertainties that could cause our actual results to differ materially. For example, we may be unable to obtain stockholder approval required for the merger. The merger may involve unexpected costs. Our business may suffer as a result of uncertainty surrounding the merger. Certain other risks associated with our business are discussed from time to time in the reports filed by PETCO with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended January 28, 2006. PETCO disclaims any intent or obligation to update these forward-looking statements. Additional Information and Where to Find It In connection with the proposed merger, PETCO will file a proxy statement with the Securities and Exchange Commission. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain a free copy of the proxy statement (when available) and other documents filed by PETCO at the Securities and Exchange Commission's web site at http://www.sec.gov/. PETCO and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from its stockholders in connection with the proposed merger. Information concerning the interests of PETCO's participants in the solicitation is set forth in PETCO's proxy statements and Annual Reports on Form 10-K, previously filed with the Securities and Exchange Commission, and in the proxy statement relating to the merger when it becomes available. DATASOURCE: PETCO Animal Supplies, Inc. CONTACT: Investors, Chaith Kondragunta, Director, Investor Relations, +1-858-202-7846, or Media, Kevin Whalen, VP, Communications, +1-858-202-7843, both of PETCO Animal Supplies, Inc.; or Owen Blicksilver of Owen Blicksilver PR, +1-516-742-5950, for Texas Pacific Group and Leonard Green & Partners Web site: http://www.leonardgreen.com/ Web site: http://www.texaspacificgroup.com/ Web site: http://www.petco.com/

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