Veterinary Acquisitions in 2022

Jonas Software has acquired VetlinkPRO, an Auckland-based provider of veterinary practice management software used by over 300 veterinary practices across the Asia‑Pacific region. The acquisition expands Jonas's vertical market software portfolio into the veterinarian practice management space and supports ongoing growth across the region.

Patterson Companies, through a subsidiary, has signed an agreement to acquire substantially all of the assets of Relief Services for Veterinary Practitioners (RSVP) and Animal Care Technologies (ACT), two Texas-based businesses that provide data conversion, staffing and video-based training services to veterinary practices. The acquired businesses will be integrated into Patterson Veterinary to expand its value‑add platform; terms were not disclosed and the deal is expected to close in Patterson's third fiscal quarter of FY2023.

AmeriVet Veterinary Partners (San Antonio, TX) acquired 14 veterinary practices from Northeast Veterinary Partners in a buyout announced October 11, 2022, marking the first time AmeriVet has purchased another veterinary consolidator. The deal expands AmeriVet’s clinic network (bringing it to about 186 clinics at the time) and adds locations across New Hampshire, Massachusetts, Vermont, California and Maine as part of its ongoing consolidation and network expansion strategy.

Benford Capital Partners has completed the sale of Specialty Sales, LLC, a Fresno-based animal health company that manufactures automated hoof bath systems and recurring hoof-care chemical solutions for U.S. commercial dairies. The transaction closed October 7, 2022; Benford highlighted growth initiatives completed during its ownership including management team upgrades, new product development, market expansion and two add-on acquisitions.

Veritas Veterinary Partners, a national network of specialty and emergency veterinary hospitals, has acquired Veterinary Surgical Specialists (VSS) in Tustin, California. The add-on expands Veritas's presence in Southern California and will support VSS's growth and expansion of specialty service offerings; terms were not disclosed.

VetCor, a PE-backed operator of veterinary practices (portfolio company of funds managed by Harvest Partners and Cressey & Company), has acquired People, Pets & Vets (PPV), a veterinarian-led network of more than 150 animal hospitals across the western and southern United States. The deal expands VetCor's national footprint and combines two multi-location veterinary operators to broaden clinical resources, support services and career opportunities for veterinary teams.

Dechra Pharmaceuticals PLC has completed the acquisition of Med-Pharmex Holdings, Inc. from DW Healthcare Partners. The deal brings a US-based, fully integrated veterinary pharmaceutical manufacturer (Med-Pharmex) into Dechra's global animal-health platform to strengthen its manufacturing capabilities and North American footprint.

TAG - The Aspen Group (TAG) has reached an agreement to acquire AZPetVet, a network of 22 veterinary hospitals in the greater Phoenix area. The acquisition will add veterinary services to TAG's consumer healthcare platform and support AZPetVet's growth toward a national brand.

Revival Animal Health, a portfolio company of Incline Equity Partners, has acquired Exodus Breeders Corp, a York, Pennsylvania-based distributor of equine and canine reproductive supplies. The deal expands Revival’s product offering into the equine market and enhances its reproductive and neonatal health capabilities for breeders, shelters and pet health professionals.

Vimian Group’s MedTech segment Movora has acquired the assets of New Generation Devices (NGD), a New Jersey-based veterinary orthopedic implants business, and an exclusive veterinary license to the Citrate-BP biomaterial. The acquired business generates about USD 4.5 million in annual revenue and the deal was consolidated into Vimian’s MedTech segment on 1 August; Vimian said the acquisition is a strategic fit with clear synergy potential.

Veritas Veterinary Partners, a national network of specialty and emergency veterinary hospitals, announced the acquisitions of Pet Emergency & Specialty Center of Marin (PESCM) and Wheat Ridge Animal Hospital. The add-on deals (terms undisclosed) expand Veritas' presence in California’s North Bay and the Greater Denver area and broaden its network capabilities and emergency specialty care footprint.

Rarebreed Veterinary Partners, a Portland, Maine–based operator of veterinary practices (majority backed by Revelstoke Capital Partners), has acquired Massachusetts-based Vet's Best Friend, adding 47 locations to Rarebreed's existing 71 practices. The transaction creates one of the largest, well-capitalized veterinary practice platforms in the U.S. and is positioned to accelerate expansion of general practice, urgent care, and specialty emergency hospitals.

Zoetis Inc. has acquired Basepaws, a Los Angeles–based petcare genetics company that offers at-home feline DNA and oral microbiome tests and analytics. The acquisition strengthens Zoetis' precision animal health portfolio and brings Basepaws' feline genomic and microbiome database and testing capabilities into Zoetis' R&D and product pipeline; financial terms were not disclosed.

Funds affiliated with Clayton, Dubilier & Rice (CD&R) and TPG Capital agreed to acquire all outstanding shares of Covetrus for $21.00 per share in cash, implying an enterprise value of approximately $4.0 billion. The transaction, which closed in October 2022, takes Covetrus private; the company will continue to be led by CEO Benjamin Wolin and remain headquartered in Portland, Maine.

Animal Dermatology Group (ADG), the largest U.S. group of veterinary dermatology specialists, has signed a definitive agreement to acquire Austin Veterinary Dermatology & Allergy (AVDA), a specialty veterinary dermatology practice in Austin, Texas. The deal will integrate AVDA into ADG's nationwide network, expanding ADG's specialty dermatology presence in Central and North Austin; terms were not disclosed.

Main Street Capital Corporation provided $36.4 million in a combination of first‑lien term debt and a minority equity investment to facilitate the recapitalization of Jorgensen Laboratories, LLC (JorVet). Main Street and an unnamed co‑investor partnered with the company’s existing owners and management to complete the transaction and support the business, a longtime supplier of veterinary equipment and supplies headquartered in Loveland, Colorado.

The Richmond SPCA has purchased A.L. Shilling Spay & Neuter and will operate the Mechanicsville clinic as a Richmond SPCA satellite, reopening in March as Smoky's Spay & Neuter Clinic. The clinic will provide sterilization services for animals from municipal shelters, private rescue groups and community cat TNR caregivers, increasing local spay/neuter capacity.

DW Healthcare Partners completed a growth capital investment in Vets Plus, Inc. and Noble Pharma, LLC, backing the animal-health manufacturer to scale operations and expand pharmaceutical capabilities. As part of the transaction, Dave Nelson becomes President and CEO of Vets Plus while founder Raj Lall transitions from day-to-day management and remains on the board.