Tractor Supply Acquires 136 Petsense Locations; No Material Change to Our Outlook
Narrow moat-rated Tractor Supply announced the acquisition of 136 Petsense stores for $116 million, net of acquired forward tax benefits of $29 million. The transaction was financed with cash and management noted that it was not expected to materially impact its earnings per share for fiscal 2016. Overall, we think the acquisition is a good fit for Tractor Supply but think that, due to scale, Petsense will have little noticeable impact in the near term. We plan to maintain our $84 fair value est...Tractor Supply is a rural lifestyle retailer. The company is focused on supplying the needs of recreational farmers, ranchers and all those who enjoy living the rural lifestyle, as well as tradesmen and small businesses. The company operates retail stores under the names Tractor Supply Company, Del's Feed & Farm Supply, and Petsense and operates websites under the names TractorSupply.com and Petsense.com. The company's selection of merchandise is comprised of the following main product categories: equine, livestock, pet, and small animal products; hardware, truck, towing, and tool products; seasonal products; work/recreational clothing and footwear; and maintenance products for agricultural and rural use.
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