BC Partners-led consortium has completed the previously announced acquisition of PetSmart and appointed veteran retail executive Michael J. Massey as new CEO for the specialty pet retailer, effective immediately.

The consortium comprises La Caisse de dépôt et placement du Québec, StepStone and Longview Asset Management.

As part of the transaction, PetSmart shareholders will receive $83.00 per share in cash.

Commenting on the acquisition, BC Partners managing partner Raymond Svider said: "Today is an important day in PetSmart’s history. We are committed to actively investing in long-term growth opportunities for PetSmart and delivering for its customers and their pets for many years to come."

Massey said, "I am honored today to be appointed to this role and look forward to building upon the heritage and reputation that PetSmart has established as the most admired pet retailer. I am excited to work closely with the PetSmart team to bring the brand ever closer to the hearts of Pet Parents everywhere.

"I’m confident that PetSmart’s future will be one defined by growth, increased opportunities for our team and closer emotional connections with our customers."

Prior to joining PetSmart, Massey has worked as CEO and president of Collective Brands, the owner of Payless ShoeSource, where he worked closely with the Payless team to lead the turnaround of its global retail operation, spanning over 4,000 stores in more than 50 countries.

PetSmart has also named Raymond Svider as its non-executive chairman of the Board of Directors.

It currently employs 53,000 people and operates approximately 1,404 pet stores in the US, Canada and Puerto Rico.