Veterinary Acquisitions in 2019

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.

Zoetis has completed the acquisition of Phoenix Central Laboratory for Veterinarians, Inc. (Phoenix Lab), a Mukilteo, Washington-based veterinary reference laboratory. The purchase expands Zoetis's diagnostics capabilities by adding reference laboratory services to its existing point-of-care diagnostic portfolio; financial terms were not disclosed.

MedVet Associates, a Columbus-based network of specialty and emergency veterinary hospitals, completed a recapitalization in mid-2019 that resulted in Stonehenge Partners exiting its investment. The transaction brought an investment from the Goldman Sachs Merchant Banking Division to support MedVet's continued national expansion; terms were not disclosed.

Zoetis Inc. has completed the acquisition of Platinum Performance, a privately held, nutrition-focused animal health company based in Buellton, California. Platinum Performance will operate as a wholly owned subsidiary of Zoetis and continue to be led by Mark Herthel from its Buellton headquarters; financial terms were not disclosed.

JAB Holding Company, through its JAB Consumer Fund, has agreed to acquire Quad‑C Management’s stake in Compassion‑First Pet Hospitals in a transaction valuing the business at $1.215 billion. Compassion‑First — a network of 41 specialty, emergency and general practice veterinary hospitals across 13 U.S. states — will retain significant ownership by current veterinarian investors and management, with Founder and CEO John Payne remaining a significant investor and leader.

Metalmark Capital has acquired Innovetive Petcare, a Cedar Park, Texas-based operator of veterinary hospitals, from Prospect Partners. Innovetive operates 13 clinics across five states and will continue to be led by its existing executive team as Metalmark looks to support the platform's next phase of growth.