Veterinary Acquisitions in 2021

Avanti Equine Veterinary Partners acquired Irving, Texas–based Animal Imaging on December 22, 2021, marking Avanti's first location in Texas. The equine practice network also acquired California-based Steinbeck Peninsula Equine Clinic as part of its national expansion to provide management and operational and administrative support to partner practices.

Avanti Equine Veterinary Partners acquired California-based Steinbeck Peninsula Equine Clinic on December 22, 2021, adding the clinic's two hospitals and three ambulatory locations to its national equine practice network. The deal expands Avanti's presence in California (with central locations in Salinas and Menlo Park) and supports Steinbeck Peninsula with Avanti's management and operational resources.

Chicago-based private equity firm New Harbor Capital completed a growth equity investment in IndeVets, a Philadelphia-based tech-enabled provider of veterinarian staffing services. The financing will support IndeVets' growth and geographic expansion as it scales its proprietary scheduling platform and expands its network of veterinarians and partner hospitals.

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.

Neogen Corporation has acquired Delf (UK) Ltd., a long-established United Kingdom manufacturer and supplier of animal hygiene and specialty chemical products. The acquisition expands Neogen’s animal safety and dairy-hygiene product offerings and strengthens its presence in the UK and European animal hygiene markets.

NovaQuest Capital Management has acquired TechAccel LLC's ownership stake in Covenant Animal Health Partners, a development and registration partnership focused on revenue-ready animal health products. The move gives NovaQuest full ownership (or increased control) of Covenant to expand its animal health development capabilities and advance new assets into industry partner portfolios.

CityVet, a Dallas-based network of veterinary-owned practices, acquired River City Companion Animal Hospital in San Antonio, Texas, expanding its San Antonio footprint to four locations. The clinic, led by Dr. Chris Kohnen, will continue to operate under its current name; terms were not disclosed.

Warburg Pincus has made a $170 million growth investment in Bond Vet to support expansion of the tech-enabled veterinary clinic chain and to fund equipment, training, culture and technology improvements. Talisman Capital, Bond Vet's initial capital provider, will continue to support the company as it scales its multi-location urgent care and telehealth veterinary services from its New York base.

Pet care platform One Vet has acquired Veterinarians.org, an informational website that provides up-to-date veterinary health information for pet parents. The acquisition will integrate Veterinarians.org's content into One Vet’s platform to help make veterinary care more accessible, faster, and more affordable for pet owners.

FoodScience, a portfolio company of Wind Point Partners, has acquired Pet Tech Labs, a contract manufacturer of animal nutritional supplements based in Syracuse, Nebraska. The add-on expands FoodScience's contract-manufacturing capabilities and establishes a Midwest manufacturing and distribution presence while enabling the retiring owners Paul Jonjak and Carol Potter to exit.

Animal Dermatology Group, Inc. (ADG) has acquired Animal Allergy and Dermatology Center, a veterinary specialty practice in Austin, Texas. The clinic will operate as Animal Dermatology Clinic – Austin and the team led by Patrick Nichols, DVM will join ADG to expand the group’s dermatology coverage in central Texas.

CVS Group has acquired The Vet, a UK-based affordable veterinary services provider, from Bridges Fund Management. The Vet operates eight large clinics across the UK and offers app-based telehealth and other accessible pet health services; the sale represents Bridges' exit after creating and scaling the business since 2013.

DW Healthcare Partners completed an investment in Bio Agri Mix LP, Canada’s largest manufacturer and distributor of medicated feed additives and water-soluble animal medications. As part of the transaction DWHP partners join Bio Agri Mix’s board and will support expansion of the company’s product portfolio and growth across the North American livestock market.

ProSites, a Murrieta, California-based marketing technology provider and portfolio company of Rockbridge Growth Equity, acquired LifeLearn Animal Health of Guelph, Ontario to expand ProSites’ offerings into the veterinary market and establish a Canadian footprint. Rockbridge provided strategic support for the add-on acquisition; advisors on the deal included Copper Run Capital (buy-side) and Sampford Advisors (sell-side).

Swedencare AB has acquired Vetio Animal Health, a North American contract development and manufacturing organization (CDMO) focused on veterinary pharmaceuticals, supplements and dermatology products, from Thompson Street Capital Partners. Thompson Street supported Vetio's growth through facility expansions and the acquisition of TetraGenx; Swedencare intends to leverage Vetio's manufacturing capabilities to expand its pet healthcare product portfolio and supply capabilities in North America.

Patterson Companies, through its subsidiary Patterson Veterinary Supply, acquired substantially all of the assets of Miller Veterinary Supply, a multi-regional veterinary distributor based in West Point, Nebraska. Bridgepoint Investment Banking advised Miller on the sale and had earlier arranged an asset-backed refinancing to position the company for a successful transaction, which Patterson said complements its animal health distribution footprint.

CityVet, a Dallas-based network of veterinarian-owned practices, acquired Alamo Ranch Animal Hospital in northwest San Antonio effective May 21, 2021. The transaction expands CityVet’s footprint in the San Antonio market as part of an aggressive Texas growth strategy; financial terms were not disclosed.

Acumen Health Holdings has acquired Ramard, Inc., a maker of pharmaceutical‑grade equine and pet nutriceutical products, to expand its portfolio in the over‑the‑counter equine and pet supplement market. Ramard’s founder and staff will remain in place while Acumen integrates Ramard into its existing veterinary/physician-recommended brands and subscription platform to grow market reach.

Align Capital Partners (ACP) has completed a majority recapitalization of Custom Veterinary Services (CVS), a Miami-based contract manufacturer and custom formulator of nutritional, dermatological, and grooming products for companion animals. As part of the transaction, industry executive Worth Turner joined CVS as a shareholder and CEO to help scale operations, while founder Ruben Martinez and family remain involved; ACP intends to provide capital and growth expertise to expand the company's manufacturing and R&D capabilities.

York-based veterinary group VetPartners has acquired Pet Cremation Services (PCS), a family-run pet crematoria business based in Guilsborough, Northamptonshire. PCS operates 14 sites with 153 employees and will continue to be led by managing director Glenn Tuck; VetPartners said the deal expands its end-of-life care services for pet owners and veterinary practices.

Revelstoke Capital Partners, a Denver-based private equity firm, completed a growth equity investment in Vet's Best Friend, a Waltham, Massachusetts-based operator of general practice veterinary clinics. The capital will provide liquidity to support VBF's expansion through acquisitions and de novo development across the Northeast.

Dallas-based CityVet, a network of branded, veterinarian-owned practices, acquired Country Hills Veterinary Clinic in Bulverde, Texas effective March 1, 2021. The deal expands CityVet into the San Antonio market as part of its broader Texas growth strategy; Country Hills will continue to operate under its current name and partner with CityVet's operating platform.

Oak Hill Capital has acquired American Veterinary Group (AVG) from sellers Trive Capital and Latticework Capital Management. AVG, headquartered in Tampa, Florida, operates nearly 50 general practice and urgent care veterinary clinics across the South and Southeast U.S.; management will remain with an ownership stake and Oak Hill plans to support continued growth.

IK Investment Partners' IX Fund has entered exclusive discussions to acquire a majority stake in Innovad Group from founder and CEO Jamal Al‑Saifi. The transaction — which includes Italian feed additives supplier Add‑Co Nutrition becoming a full subsidiary — will see co‑founder Ben Letor become CEO and reinvest alongside management; financial terms were not disclosed and closing is subject to regulatory approvals.

Pittsburgh-based private equity firm Incline Equity Partners has acquired Revival Animal Health, a pet health products distributor headquartered in Orange City, Iowa, in a transaction alongside the Company's management team. Incline plans to support Revival's growth through enhanced digital marketing, proprietary brand expansion, operational improvements and evaluation of potential add-on acquisitions.

The Equine Network has acquired Spalding Laboratories, a long-standing provider of all‑natural insect control products and recurring membership services for horses, livestock and pets, serving more than 60,000 customers annually. The transaction was completed with financial support from private equity firm Growth Catalyst Partners; founder Tom Spalding will remain involved in day‑to‑day strategic initiatives and product development. Terms were not disclosed.

IVC Evidensia has secured an aggregated new investment of €3.5 billion that values the company at an enterprise value of approximately €12.3 billion. The expanded partnership includes a substantial reinvestment by EQT Private Equity, a new minority investment from Silver Lake, and an increased minority stake from Nestlé Purina PetCare EMENA to support digitalisation and further growth across IVC's network of clinics.

DW Healthcare Partners completed an investment in Parnell Pharmaceuticals Holdings Ltd, a fully integrated animal-health pharmaceutical developer and sterile-injectable manufacturer, and took seats on the company's board. DWHP said the capital and board expansion will support Parnell's growth in the U.S. and expansion of its product portfolio and manufacturing capabilities in animal health.