Veterinary Acquisitions in United States

Turning Rock Partners, a New York-based private investment firm, provided a growth investment to Best Friends Pet Care, an employee-owned provider of premium pet services. Best Friends Pet Care is headquartered in Norwalk, Connecticut and plans to use the funding to expand nationally and pursue its acquisition strategy, with existing shareholders also participating in the round.

EarthWise Pet has agreed to acquire California-based PET DEPOT, expanding EarthWise Pet’s systemwide footprint to more than 200 locations. PET DEPOT operates pet retail franchises and complementary veterinary hospitals, and the acquisition adds the PET DEPOT banner (along with related services) to EarthWise Pet’s portfolio of pet franchise concepts.

Western Veterinary Partners received a minority growth investment managed by Tyree & D'Angelo Partners (TDP), which will maintain its control equity position. The investment was led by LGT Capital Partners, Hamilton Lane (accounts managed by Hamilton Lane), and Apogem Capital.

Focus Impact Partners, LLC and Meaningful Partners LLC announced the initial closing of a strategic growth investment in Skiptown, an innovative pet services and social experiences platform. The investment is intended to help Skiptown expand operations and open new locations in additional markets. Financial terms were not disclosed.

Benford Capital Partners completed the sale of Specialty Sales, LLC, an animal health platform serving the U.S. dairy industry, on October 7, 2022. Specialty Sales is headquartered in Fresno, California and provides automated hoof bath systems and recurring preventative hoof care treatment products for commercial dairies.

Revival Animal Health, a portfolio company of Incline Equity Partners, acquired Exodus Breeders Corp, a distributor of equine and canine reproductive supplies. The acquisition represents Revival’s first major expansion into the equine market and is intended to broaden its reproductive and neonatal health product offerings.

Heartland Veterinary Partners, backed by Gryphon Investors, acquired Family Vet Group (FVG), a provider of general practice veterinary care with practices across multiple U.S. states. Deal terms were not disclosed. As part of the transaction, FVG’s family ownership group Highland Ventures LTD will retain the underlying real estate and serve as a strategic real estate partner to support Heartland’s facility expansion.

Zoetis Inc. announced an agreement to acquire Basepaws, a privately held petcare genetics company offering at-home genetic tests, analytics, and early health risk assessments for pets. The deal is intended to strengthen Zoetis’ precision animal health portfolio across genetics, diagnostics, and data analytics and to enhance its R&D pipeline using Basepaws’ feline genomic and microbiome databases. Financial terms were not disclosed.

Animal Dermatology Group, Inc. (ADG) has signed a definitive agreement to acquire Southeast Veterinary Dermatology & Ear Clinic (SVDEC), a veterinary specialty dermatology provider serving North Carolina, South Carolina, and Georgia. The deal will expand ADG’s footprint to 14 states and add SVDEC’s team of board-certified veterinary dermatologists; financial terms were not disclosed.

Main Street Capital Corporation, alongside a co-investor, completed a new portfolio investment to facilitate the recapitalization of Jorgensen Laboratories, LLC (JorVet). Main Street funded $36.4 million via a combination of first-lien term debt and a direct minority equity investment, partnering with the company’s existing owners and management team.

Percheron Capital acquired a majority stake in Animal Dermatology Group, Inc. (ADG), the largest U.S. veterinary dermatology specialty group. In connection with the investment, ADG also acquired Animal Dermatology and Allergy Specialists (ADAS), expanding ADG’s footprint in the New York metropolitan area and to 12 states nationwide. ADG’s management team will continue to lead the company, and ADG’s founders and veterinarians will retain a significant ownership stake.

Main Street Capital Corporation, alongside several co-investors, completed a new portfolio investment to facilitate the recapitalization of Valley Veterinary Clinic, LLC d/b/a Valley Vet Supply. Main Street funded $42.2 million through a combination of first lien senior secured term debt and a direct equity investment, and also provided (with a co-investor) a revolving line of credit to support future growth and working capital.

CityVet, a network of veterinary-owned practices based in Dallas, Texas, acquired Alamo Ranch Animal Hospital in the San Antonio, Texas market, effective May 21, 2021. Alamo Ranch Animal Hospital will join the CityVet network and continue operating under its current name. Financial terms were not disclosed.

Main Street Capital Corporation completed a new portfolio investment to facilitate the minority recapitalization of Northeast Nebraska Vet Services, PC and Heritage Animal Health, LLC (together, NVS). Main Street invested $17.0 million via a combination of first-lien senior secured term debt and a minority direct equity investment, and also provided a revolving line of credit and additional delayed-draw term loan capacity to support NVS’s growth and acquisition strategy.

New Harbor Capital signed a definitive agreement to sell Wedgewood Pharmacy to Partners Group on behalf of its clients, with closing expected in 2021. Wedgewood is a major U.S. provider of compounded animal medications serving tens of thousands of veterinarians and hundreds of thousands of pet owners annually.

New Harbor Capital portfolio company Wedgewood Pharmacy has entered definitive agreements to acquire the San Jose, California-based assets of Leiters Enterprises’ FDA-registered 503B outsourcing facility and to acquire Wildlife Pharmaceuticals, Inc. (including its pharmacy subsidiary ZooPharm). The acquisitions are intended to expand Wedgewood’s sterile 503B capabilities (to operate as Wedgewood Connect) and broaden offerings for veterinarians and wildlife/zoo markets, with closings expected by June 30 and within 90 days (subject to approvals), respectively.

SAGE Veterinary Centers announced a new partnership with Mid-Columbia Pet Emergency Service, a veterinary emergency hospital in Pasco, Washington. The combination expands SAGE’s footprint in central Washington and enhances emergency and intensive care offerings for pets in the Tri-Cities market.

H&C Animal Health acquired Angels' Eyes, a leading brand of tear stain remedies for pets, to expand its portfolio into the animal eye care category. Angels' Eyes will continue operating from its Fort Lauderdale home office, and H&C Animal Health will retain all Angels' Eyes employees while investing in sales, marketing, and future development of the product line.

Zoetis Inc. announced it has completed the acquisition of Platinum Performance, a privately held nutrition-focused animal health company. Platinum Performance will operate as a wholly owned subsidiary of Zoetis and continue to be headquartered in Buellton, California; financial terms were not disclosed.