Chewy Announces $500 Million Repurchase of Shares from BC Partners

- Chewy, Inc. (CHWY) announced repurchase of 17,550,000 shares of its Class A common stock from BC Partners for approximately $500 million - Price per share of $28.49 represents a 5.0% discount to previous closing price - Repurchased shares will be cancelled and retired - Chewy believes repurchase is an accretive use of capital, optimizing capital allocation strategy - Transaction shows confidence in business growth and margin expansion strategy - Company will continue to assess options to return cash to shareholders - Chewy (NYSE: CHWY) is repurchasing 17,550,000 shares of its Class A common stock for $500 million from BC Partners - The shares will be cancelled and retired upon completion of the repurchase - Chewy believes the repurchase is an accretive use of capital and will further reduce BC Partners' ownership position - Chewy has increasing profitability and free cash flow generation, allowing for share repurchases and capital allocation optimization - The repurchase was approved by an independent committee of Chewy's Board of Directors - Following the repurchase, Chewy will have approximately 418 million shares outstanding - Chewy is focused on being a trusted and convenient destination for pet owners with a wide selection of products and services - Forward-looking statements were made by Chewy regarding the repurchase and potential impact on results - Investor contact: [email protected], Media contact: [email protected]