Weird Al Yankovics’ pet food business is getting a big investment from a private equity firm.
Pet food company PetSmart has secured a $1.6 billion financing round led by China-based private equity group GlobalFoundries.
It was announced Tuesday by PetSmart Chief Executive Officer Michael P. O’Neill.
GlobalFoundries will be the primary investor in PetSmart, PETA announced.
GlobalBank Group is the primary shareholder of PetSmart.
PetSmart, which is owned by the family of billionaire Chinese entrepreneur Jia Yueting, has been struggling financially and has been shuttered.
It closed its doors in June 2018.