Lately, private equity firms have been buying into pet products. Bankers say spending in the segment has hit an all-time high, at $55 billion in 2013, and shows no signs of slowing. Still, some investments--like organic pet food--could be for the dogs. The Deal breaks down the big deals like Leonard Green and TPG Capital's successful 2006 Petco buyout, and other more recent plays from shops including KKR, Catterton Partners and Thomas H. Lee Partners.

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