Veterinary Acquisitions in Ohio

MedVet LLC received a minority capital investment from Leonard Green & Partners, L.P., alongside a senior term loan provided by Oak Hill Advisors to support the company's continued growth in specialty and emergency veterinary care. The financing will accelerate expansion of MedVet's services while providing liquidity for minority shareholders from the 2019 investment and partial liquidity for some employee owners; Huntington Bank will continue to provide treasury and cash management services.

Destination Pet has acquired Pet Palace Pet Boarding Resort, a luxury pet care operator with 11 locations across Ohio, Indiana, North Carolina and Pennsylvania and more than 500 employees. The acquisition expands Destination Pet’s national pet resort and clinic network, adds a luxury resort brand, and enables wider rollout of Destination Pet’s connected care model and Yourgi app; Pet Palace founder Brian Hudock will remain as a strategic advisor.

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.