Goldman Sachs Merchant Banking Recapitalizes MedVet; Stonehenge Partners Exits

Undisclosed Financial Sponsor Completes Majority Recapitalization of Heritage Vet Partners

May 12, 2025

Healthcare Services

Main Street Capital Corporation fully exited its debt investments and partially exited its equity stake in Nebraska Vet AcquireCo, LLC (d/b/a Heritage Vet Partners) after a majority recapitalization led by a new, unnamed financial sponsor. Main Street realized a $55.5 million gain and received a minority equity position in the acquirer; Heritage, headquartered in West Point, Nebraska, is a national provider of rural, mixed- and large-animal veterinary services and products.

Leonard Green & Partners Makes Minority Investment in MedVet; Oak Hill Provides Senior Term Loan

June 25, 2024

Veterinary

MedVet LLC received a minority capital investment from Leonard Green & Partners, L.P., alongside a senior term loan provided by Oak Hill Advisors to support the company's continued growth in specialty and emergency veterinary care. The financing will accelerate expansion of MedVet's services while providing liquidity for minority shareholders from the 2019 investment and partial liquidity for some employee owners; Huntington Bank will continue to provide treasury and cash management services.

AEA Investors and ADIA Recapitalize AmeriVet Veterinary Partners

March 7, 2022

Healthcare Services

AEA Investors LP, alongside a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), completed a $1.6 billion recapitalization of AmeriVet Veterinary Partners, acquiring the company from Imperial Capital Group. AmeriVet, headquartered in San Antonio, Texas, operates approximately 139–140 animal hospitals across more than 30 states with roughly 2,200–2,300 employees and will use the recapitalization to support continued platform growth while enabling liquidity for prior investors and DVM partners.

Stonehenge Partners Recapitalizes True North Asphalt

January 8, 2022

Construction

Stonehenge Partners led a recapitalization of True North Asphalt, a Madison Heights, Michigan provider of pavement maintenance and repair services. True North President Nick Whitehurst will remain in leadership with significant equity ownership as Stonehenge joins the board and provides capital to support the company's acquisition-driven growth strategy and geographic expansion across Michigan and surrounding states.

Main Street Capital Invests $42.2M to Recapitalize Valley Vet Supply

December 7, 2021

Veterinary

Main Street Capital Corporation led a $42.2 million financing package (first-lien senior secured term debt plus a direct equity investment) to recapitalize Valley Veterinary Clinic, LLC d/b/a Valley Vet Supply. The transaction included a revolving credit facility from Main Street and co-investors to support Valley Vet Supply's growth initiatives and working capital needs.

Gryphon Investors Majority Recapitalizes Heartland Veterinary Partners

December 12, 2019

Veterinary

Gryphon Investors has made a majority recapitalization investment in Heartland Veterinary Partners, a Chicago-based veterinary support organization with nearly 100 practices and over 200 veterinarians. Tyree & D'Angelo Partners and Heartland management retain minority stakes; Varagon Capital Partners led financing for the transaction. Terms were not disclosed.