Gryphon Investors Majority Recapitalizes Heartland Veterinary Partners

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.

Whistler Capital Partners Makes Strategic Growth Investment in Heart + Paw

January 3, 2024

Healthcare Services

Whistler Capital Partners, a Nashville-based healthcare-focused private equity firm, has made a significant strategic growth investment in Heart + Paw, a multi-service veterinary and pet care platform. The capital will support Heart + Paw’s de novo expansion, technology and operations investments, and its veterinarian joint-venture model; financial terms were not disclosed.

Gryphon Investors Acquires Vetnique Labs

April 20, 2023

Consumer Products

Gryphon Investors, a San Francisco-based private equity firm, has acquired Vetnique Labs, a Naperville, Illinois-based pet health and wellness company. Gryphon will partner with founder and CEO James Bascharon (who will remain in role and retain a significant stake) to expand Vetnique’s product portfolio and geographic reach; financial terms were not disclosed.

Tyree & D'Angelo Partners Secures Minority Growth Investment in Western Veterinary Partners Led by LGT, Hamilton Lane and Apogem

March 20, 2023

Healthcare Services

Tyree & D'Angelo Partners (TDP) arranged a minority growth equity investment into its portfolio company, Western Veterinary Partners, with the round led by LGT Capital Partners, accounts managed by Hamilton Lane, and Apogem Capital. TDP will continue to hold control equity and manage the investment; the capital will support Western's continued organic growth and acquisitions to expand its network of veterinary hospitals across the United States.

Gryphon-Backed Heartland Veterinary Partners Acquires Family Vet Group

July 25, 2022

Healthcare Services

Heartland Veterinary Partners, backed by Gryphon Investors, has acquired Family Vet Group (FVG), a multi-location general practice veterinary provider. Terms were not disclosed; FVG operates practices across Florida, Texas, Tennessee, North Carolina and Indiana, supports over 40 veterinarians and roughly 200 employees, and its family ownership (Highland Ventures LTD) will retain underlying real estate and serve as a strategic real estate partner.

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.