First PetSmart was sold to a private equity firm. Then its main rival in the business of selling dog treats and catnip, Petco, began preparing itself for an initial public offering, nearly a decade after its leveraged buyout.

Now Petco may find itself sold to another investment firm.

Petco has drawn takeover interest from private equity shops including Kohlberg Kravis Roberts & Company as it continues preparing for an I.P.O., a person briefed on the matter said on Wednesday.

The retailer is running a so-called dual-track process: Its existing owners, TPG Capital and Leonard Green & Partners, are weiging the merits of selling the company outright or listing it on a stock exchange. Such deliberations are common when it comes to companies owned by private equity firms, as these investors seek the highest value for their returns.

For TPG and Leonard Green, selling the company to a peer could provide a quicker and surer way to make a profit after buying Petco in the summer of 2006 — their second time buying the company.