03/11/2015 01:45 EDT | Updated 05/11/2015 05:59 EDT

PetSmart says its $8.7B sale to BC Partners closes; CEO David Lenhart steps down in deal

NEW YORK, N.Y. - PetSmart is going private, as a group of investors led by the buyout firm BC Partners completed their $8.7 billion acquisition of the pet store retailer.

PetSmart says President and CEO David Lenhart is stepping down and Michael Massey is being named president and CEO. Raymond Svider becomes non-executive chairman.

Massey is the former CEO of Collective Brands, which owns Payless ShoeSource, and Svider is managing partner at BC Partners.

Activist hedge fund manager Jana Partners disclosed a stake in PetSmart in July and said it wanted to talk to the board about a possible sale. PetSmart agreed to consider a sale the next month.

PetSmart accepted BC Partners' offer in December. The deal values PetSmart at $83 per share, a 39 per cent premium to its closing price on July 2.