Veterinary Consolidators: North American Market Analysis
Updated December 7, 2022
We update information about veterinary groups several times a year. Please fill out the form below if you want to receive new versions by email.
Find below the summary of December 2022 revision:
- Added 14 groups
- Rarebreed Veterinary Partners
- Valley Veterinary Care
- The Vets Pets
- Alliance Animal Health
- EverVet Partners
- CareVet
- Veritas Veterinary Partners
- Inspire Veterinary Partners
- O’Brien Veterinary Group
- Veterinary United
- Bond Vet
- GoodVets
- Modern Animal
- My Pet’s Vet Group (MPVG)
- Updated the current number of clinics for 30 groups
- Updated ownership status for 12 groups
- People, Pets & Vets was removed (Acquired by VetCor)
- Vet’s Best Friend was removed (Acquired by Rarebreed Veterinary Partners)
- SAGE Veterinary Centers was removed (Acquired by NVA)
- Ethos Veterinary Health was removed (Acquired by NVA)
- VetPartners was removed (outside North America)
During the last three decades, rapidly expanding consolidation has changed the veterinary business landscape for good in the U.S. and the rest of the world. From the first successful acquisition of an animal clinic by VCA back in 1987, other big players followed the example, and the number of veterinary consolidators started to grow exponentially.
In 2017, VCA, which now owns more than 1,000 vet clinics in North America, was acquired by Mars Inc., the legacy of America’s third-richest family that stands behind confectionery brands including M&M’s, Twix, and Orbit, as well as pet food brands including Pedigree. Today, this conglomerate is considered the biggest buyer in the veterinary segment nationally and overseas. Except for VCA, this huge veterinary group also took ownership of Banfield (2007), Blue Pearl Veterinary Partners (2015), followed by smaller vet groups in Britain, Continental Europe, Brazil, and even China.
What makes the veterinary industry so enticing for big corporations?
- Buying a cash business like a companion animal practice is considered a safe and lucrative investment for private entities looking to gain profit and diversify their portfolio.
- Mergers and acquisitions are easier to run, taking into account high market fragmentation (there are numerous small hospitals) and a growing number of practice owners thinking about sale and retirement.
Due to the accelerating pace of veterinary consolidation today, it is hard to estimate the real number of company-owned vet practices. Back in 2017, it was over 10 percent (around 3,500 of 32,000), according to the Brakke Consulting estimation and the real numbers change nearly every month.
This article is a snapshot of the consolidation market. We are going to give you the list of veterinary consolidators, which we believe are the most prominent in the market and see how they approach buying vet practices. If you are here because you are thinking about selling your practice, make sure you do your homework. VetValue has many resources for DVM Owners looking to learn more about the practice sale process.
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What is Veterinary Practice Consolidation?
Simply stated, a veterinary consolidation is a form of investment when bigger veterinary groups buy smaller ones (or just vet practices directly) to boost profits and often re-sell a revitalized business in 5-7 years.
There are different types of veterinary consolidators:
- Veterinarian-led groups (AZ Pet Vet, MedVet, etc.). They are veterinarian-owned hospitals that have merged or partnered with fellow practices. Patient-focused, they grow at a slower pace, but in the end, develop more solid networks.
- Private equity (PE) backed consolidators (VetCor, Destination Pet, etc.). They are aimed at fast growth, maximizing returns and additional mergers and acquisitions.
- Wealthy family enterprises (such as Mars in the U.S. or the Desmarais family in Canada) buy vet clinics or smaller vet groups to diversify their sources of income.
- Vet groups buying pet-store-based clinics (VIP Pet Care in Walmart, Thrive (Pathway Veterinary Alliance’s brand in Petco, etc.). This business model enables making pet care more affordable and benefits from combining retail and veterinary care at multiple locations.
Below is the list of veterinary consolidators that own the largest share of the market. This information will be especially useful for practice owners currently looking to sell their practice. We tried to find out these specific details about every veterinary group:
- Source of financing
- The number of hospitals they own
- States they operate in
- Practice eligibility criteria (features they are looking for in a practice to buy)
- Ownership agreement with practice owners (100 percent or majority/minority sale, investment opportunities for practice sellers etc.)
- Business support offered (back-office, management, pharmaceuticals, etc.) in newly-purchased practices.
The List of Major Veterinary Consolidators
The main criteria for inclusion in this list are companies that are actively buying and managing veterinary practices. The companies are listed in chronological order by the year they were established.
Veterinary consolidators’ reviews have been collected from open sources, such as their websites and niche news resources. We also sent out an offer to companies’ employees to clarify, confirm or refute the review we published and have updated the information if we collected any response.
The VIS team will be updating the article when we receive new information regarding vet consolidators.
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AZ Pet Vet
Website: https://www.arizonapetvet.com/
Founded: in 1984
Ownership status: acquired by The Aspen Group on Aug 16, 2022
Number of hospitals: 22 (+1 since January 2022; primary and preventive pet care locations) in the Greater Phoenix, Arizona area
Buys in: Arizona
Practice eligibility criteria: shared core values
Ownership agreement: partnership
Business support offered:
- Independent management and medicine
- Career growth and exchange of best practices and experience within a supportive team of over 800 vets and veterinary experts.
VCA
Website: https://www.vca.com/
Founded: in 1986 by Bob Antin, Art Antin, and Neil Tauber
Ownership status: acquired by Mars, Inc. in 2017
Number of hospitals: 1,000+ hospitals in the U.S., Canada, Brazil, and Japan (primary care — 90 percent, specialty — 10 percent). One of the oldest mergers and acquisitions companies, VCA also owns 35 Pet CancerCare Centers and companion animal practices it acquired from CAPNA.
Buys in: everywhere throughout the U.S. and Canada
Practice eligibility criteria: solid growth, top-notch medicine, and revenue over $1.3 million
Ownership agreement: 100% sale (cash)
Business support offered:
- Extensive support in finance and accounting, HR, IT, and marketing
- Practice management software with an extensive set of features (online scheduling, patient portals, voice notes, text messaging, etc.) and MyVCA app
- Mentorship, internship/externship programs, and continuing education (both online and onsite)
- Career growth for associates and corporate positions for vets, vet technicians, and vet managers
MedVet
Website: https://www.medvetforpets.com/
Founded: in 1988 “by veterinarians, for veterinarians”
Ownership status: “employee-owned and veterinarianled”. Investors: Goldman Sachs Merchant Banking Division, SkyKnight Capital Fund (PE) and Stonehenge Partners (PE)
Number of hospitals: 36 (+3 since January 2022; emergency and specialty hospitals) in 15 states (California, Idaho, Utah, Texas, Louisiana, Alabama, North Carolina, Kentucky, Indiana, Illinois, Ohio, Pennsylvania, Michigan, Connecticut, and Virginia)
Buys in: nationwide
Practice eligibility criteria: MedVet is currently looking for like-minded teams to join their expanding network. MedVet considers every partnership opportunity individually.
Ownership agreement: partnership
Business support offered:
- Continuing education for vets and technicians
- Professional library
- “Lunch and learn” (onsite lectures by vet specialists tailored to meet individual hospital’s needs).
Community Vet Clinics/VIP Pet Care
Website: https://www.vippetcare.com/
Founded: in 1995
Ownership status: acquired by PetIQ, Inc. (NASDAQ: PETQ)
Number of hospitals: 3,700 (+300 since January 2022) community clinic locations and 200+ wellness centers (The company partners with local pet and retail stores to provide affordable preventative and wellness pet care hosted within their facilities. This explains the staggering number of locations the group owns.)
Buys in: nationwide
Practice eligibility criteria: located within local pet and retail stores
Business support offered:
- VIP Pet Care handles the medical side, providing a variety of vet services such as diagnostic testing, vaccinations, microchipping, and prescription medications.
- Supervision of a licensed veterinarian
- Abundant educational content
BluePearl Veterinary Partners
Website: https://bluepearlvet.com/
Founded:in 1996 by brothers Neil and Darryl Shaw, DVM, DACVIM.
Ownership status:acquired by Mars, Inc. in 2015
Number of hospitals: 100+ hospitals in 30 states
Buys in: 30 States in US
Practice eligibility criteria:
- Robust hospital management
- Quality-focused, clinician-driven culture
- Growth opportunities
- Ability to hire
Ownership agreement: part-ownership model for veterinarians and key administrators
Business support offered:
- Assistance in finance and accounting, reporting, HR, recruitment, purchasing, marketing, business analytics, media relations, IT, and — if required — onsite management
- Clinician-driven model maintained, compliance support with “Medical Quality Standards”
- The requirement to use BluePearl’s Patient Safety Event Reporting platform one year after acquisition
- Participation in clinical studies, with internships and post-DVM training opportunities
National Veterinary Associates (NVA)
Website: https://www.nva.com/
Founded: in 1996
Ownership status: acquired by JAB Investors from Ares Management (PE) and OMERS (PE) in 2019 (JAB also owns Compassion-First Pet Hospitals)
Number of hospitals: 1400+ (specialty, ER hospitals, and pet resorts) in the U.S., Canada, Australia, and New Zealand
Buys in: United States, Canada, Australia, New Zealand and Singapore
Practice eligibility criteria: shared core values (teamwork, top-notch vet service standards, integrity, and innovation)
Ownership agreement: partnership
Business support offered:
- Expert back-office assistance (accounting, legal, operations, and marketing)
- Advanced technology (IT Help Desk, Client Service Center, etc.)
- Freedom for vet practice owners in running a business as they see fit
- Practice’s staff, culture, and name are kept intact
- Training resources for staff
VetCor
Website: https://www.vetcor.com/
Founded: in 1997 by a private investment group.
Ownership status: PE baked by Harvest Partners, LP and Cressey & Company, LP
Number of hospitals: 720 (+209 since January 2022)
Buys in: US and Canada
Practice eligibility criteria: financial health, robust community connections, and a positive culture
Ownership agreement: 100 percent sale to VetCor, with flexible employment opportunities for practice owners
Business support offered:
- VetCor controls the administrative part of the business (including accounting, payroll,, etc.) and provides a hospital with support in HR, marketing, facilities, and general management.
- Hands-off approach to medicine (not interfering in medical decisions and local management).Well-being programs, benefits, and decent compensation
CityVet
Website: https://www.cityvet.com/
Founded: in 1999 by Dr. Chip Cannon, DVM
Ownership status: owned and led by veterinarians, a minority interest acquired by RiverGlade (PE) in 2019
Number of hospitals: 27 (+9 since January 2022) CityVet locations (including boarding/grooming locations under the Ruffit brand and the CityPet Supply store) in Texas and Colorado
Buys in: US
Practice eligibility criteria: Owners desiring to grow into additional hospitals and maintain equity in their practice
Ownership agreement: part-ownership model for veterinarians
Business support offered:
- Clinical freedom while maintaining significant vet ownership at their local clinic
- Robust IT, marketing, accounting, HR, recruiting, and other administrative functions. Proprietary Business Intelligence platform.
- CityVet Leadership Academy to turn vets into leaders and leaders into owners
Pet Paradise
Website: https://www.petparadise.com/
Founded: in 2002 by Fred Goldsmith
Ownership status: a majority interest acquired by Crane Group in 2016
Number of hospitals: 50+ resort-style locations (veterinary care plus boarding, grooming, and day camps) across US
Buys in: nationwide
Business support offered:
- Centralized back-office assistance (marketing/communications, finance, HR, construction, and development)
- High-level standards in veterinary and boarding/daycare
- A team of operations specialists and regional managers
Thrive Pet Healthcare
Website: https://www.thrivepetcare.com/
Founded: in 2012
Ownership status: acquired by TSG Consumer Partners (PE) in 2020
Number of hospitals: over 400 general practice, specialty, and emergency veterinary hospitals throughout the US, including 100 THRIVE clinics
Buys in: nationwide
Practice eligibility criteria:
- Growth opportunities
- Modern and well-located facility
- More than one licensed veterinarian
Ownership agreement: 100 percent sale, with stocks in Pathway for practice owners
Business support offered:
- Retain the identity and culture of practice
- Access our integrated national veterinary network
- Personal development training
- Career and leadership development opportunities
- Extensive business tools and resources
- Industry-leading benefits
- Retained equity opportunities
VetStrategy
Website: https://www.vetstrategy.com/
Founded: in 2006 by co-founders Litman and Jon Shell
Ownership status: Berkshire Private Equity initially invested in VetStrategy in July 2020. In November 2021, VetStrategy merged with IVC Evidensia.
Number of hospitals: 360+ hospitals in all Canadian provinces
Buys in: Canada
Ownership agreement: buyout
Business support offered:
- Facilitating a smooth transition
- Comprehensive administration services (including accounting, payroll, banking, taxes, etc.)
- Assistance in all stages of an employee’s journey, from recruitment to career development and continuing education
- Premises maintenance (leasing, building, repairs, and equipment upgrades)
- Full support in digital marketing, training, and implementation of innovative technologies
Community Veterinary Partners
Website: https://cvpco.com/
Founded: in 2009
Ownership status: acquired by OMERS (PE) in 2019
Number of hospitals: 125+ in 17 states
Buys in: states in the Eastern half of the United States
Practice eligibility criteria: general and specialty veterinary practices that want to continue their legacies within their local communities
Ownership agreement: flexible deal structures designed to meet the unique needs of each practice owner
Business support offered:
- Empowerment of veterinarians to make care decisions for each pet personally at the localhospital level
- Opportunities for high-performing associates and practices managers to invest in the community they are helping to grow, allowing them to reap a reward for their commitment; over 100 veterinarian and PM investors to date
- From our vetFWD mentorship program to Paid Parental Leave and free 24-hour, 365-day-ayear mental health support, care for our team members goes beyond the essentials
- Fully staffed business support center designed to take the operational pressure off the practice so they can focus on delivering excellent care
BlueRiver Pet Care
Website: https://blueriverpetcare.com/
Founded: in 2009 by Dan Blumenthal, Roy Jain, and Ferdie Schmitz
Ownership status: acquired by Partners Group
Number of hospitals: 168 (+12 since January 2022)
Buys in: nationwide
Practice eligibility criteria:
- Reputable practices with a loyal following
- Facilities run by vets and staff with a passion for pet care
- Revenue of at least $1.2 million
- Staffed by at least two veterinarians
Ownership agreement: 100 percent sale with an opportunity to continue practising.
Business support offered:
- High-level of clinical autonomy
- Support in compliance with the highest standards of medicine
- Handling business administration services and letting the local teams focus on premium pet care
- Retention and strengthening of a hospital’s unique culture, brand, and managerial style
- Equipment upgrades
- Fostering professional growth and development of local teams.
Veterinary Practice Partners
Website: https://www.vetpartners.com/
Founded: in 2011 by CEO Rich Lester
Ownership status: acquired by Audax Private Equity
Number of hospitals: 104 (+14 since January 2022) in 24 states in the East Coast, and Midwest plus Colorado
Buys in: states where the group already owns hospitals
Practice eligibility criteria:
- Financial health
- Practice owners considering the co-ownership model and willing to stay and help grow the practice.
Ownership agreement: Co-ownership (a majority sale to VPP, upfront cash). The “joint decision-making model” is also available.
Business support offered:
- Assistance with business functions (finance, marketing, recruiting, HR, vendor contracting, operations, etc)
- Retention of a practice’s unique culture and management
- A co-owner stays with their practice as a leader, with full independence in patient care
VetnCare
Website: https://vetncare.com/
Founded: in 2012 by Andrew Moffatt, BVSc, MBA, and his wife Joanna Moffatt
Ownership status: owned by the Moffatt family
Number of hospitals: 11 (+1 since January 2022; all general practice) in California
Buys in: within Petco stores in Northern California
Practice eligibility criteria:
- A community-respected practice
- High clinical standards (AAHA-accredited)
- Prominent financial health
- At least one and a half full-time vets (DVMs)
- Strong team culture
Ownership agreement: individually structured to meet every practice’s unique needs
Business support offered:
- Intensive HR support to help staff adapt during the transition
- Assistance in marketing
- Compliance with AAHA standards
- Workplace and facility improvements
PetVet Care Centers
Website: https://www.petvetcarecenters.com/
Founded: in 2012 by Gino Volpacchio and L. Catterton
Ownership status: acquired by KKR (PE) in 2017
Number of hospitals: 450+ locally branded practices (ranging from preventative/primary pet care to emergency clinics and surgeries) in more than 37 states
Buys in: nationwide
Practice eligibility criteria:
- At least two licensed veterinarians
- Owners and staff committed to stay and work at the hospital upon acquisition
- A clean facility with a good location
- A reputable practice with high ethical standards and satisfied clients
- Prominent financial performance
Ownership agreement: 100 percent cash sale
Business support offered:
- Handling administrative work (finance, accounting, marketing, IT, payroll, HR, recruitment, purchasing, and legal services)
- Independence in clinical decision-making and local management
- Full retention of staff and leadership.
VetEvolve
Website: https://vetevolve.com/
Founded: in 2014 by two veterans Paul Habenicht and Nick Lodestro
Ownership status: acquired by Align Capital Partners in 2020
Number of hospitals: 30 (+20 since January 2022) locations in the Mid-Atlantic region (U.S.)
Buys in: Eastern United States
Practice eligibility criteria:
- Well-established practice with a strong reputation
- At least two tenured veterinarians
- Highly-skilled staff
- Revenue exceeding $1.5 million
Ownership agreement: flexible acquisition structuring with an employment opportunity for selling veterinarians who want to stay on
Business support offered:
- Running the business side (from manufacturer/vendor relationships to marketing, accounting, and finance) letting a hospital focus entirely on the medical side
- Leveraging industry’s best liquidity, sustainability plans, and exit strategies
- Staff development including talent recruitment, retention, and continuing education
- Improving care plans through the implementation of veterinary expertise
- Amplifying impact in the community through leadership and stewardship
- Networking with other successful vets and vet professionals across the VetEvolve veterinary group
Southern Veterinary Partners
Website: https://www.southernvetpartnersllc.com/
Founded: in 2014 by Jay Price, DVM; Chase Whitworth; DVM, Jeff Falone; DVM, Elizabeth Robinson, DVM, and Barron Lakeman, JD.
Ownership status: veterinarian-owned (formed by Shore Capital Partners (PE))
Number of hospitals: 330+ (95 percent general practice and 5 percent emergency) in Alabama, Florida, Georgia, Mississippi, Kentucky, North Carolina, Louisiana, Maryland, Texas, South Carolina, Virginia, and Tennessee
Buys in: the above-mentioned states, as well as Arkansas, Indiana, Delaware, Ohio, Missouri, Oklahoma, West Virginia, and Washington DC
Practice eligibility criteria:
- Pet care quality and customer service excellence
- Spacious facility with a growth capacity
- Associates available for recruitment
Ownership agreement: From 51 percent to 100 percent sale (majority to SVP). Cash-plus-stock-in-SVP deals are also available.
Business support offered:
- Dedicated back-office (accounting, finance, operations, recruitment, HR, IT, purchasing, data reporting and analysis, marketing, and sales)
- Brand autonomy at the practice level
Lakefield Veterinary Group
Website:http://www.lakefieldvet.com/
Founded: in 2014, by Mollie Hoff, President and Chief Operating Officer
Ownership status: family-ownerd by the Desmarais family
Number of hospitals: 71 (+5 since January 2022)
Buys in: Alaska, Washington, Oregon, Idaho, Utah, Colorado, Wisconsin, Minnesota, Montana, Indiana, Arizona, Texas, Virginia
Practice eligibility criteria: Excellent community reputation and shared long term core values
Ownership agreement: Individually evaluated on case by case basis
Business support offered:
- Supporting team of business operators
- Finance and accounting
- Purchasing
- HR professionals
- Marketing
- IT/ phone
- Construction
- Medical advisory committee
Veterinary Emergency Group
Website: https://veterinaryemergencygroup.com/
Founded: in 2014 by David Bessler. VMD
Ownership status:Investors: D1 Capital Partners And Fidelity Management and Research Company
Number of hospitals: 36 (+7 since January 2022) emergency 24/7 locations in 12 states
Buys in: under certain circumstances
Practice eligibility criteria: looking for specific types of practices
Business support offered:
- Fully changeover the hospital to VEG systems, IT hardware infrastructure, PIMS, branding, and interior layout
- Making acquired hospitals look as similar to their de novos as possible
Innovetive PetCare
Website: https://innovetivepetcare.com/
Founded: in 2015 by Prospect Partners (PE), Mark Ziller, and Paul Covill
Ownership status: owned by the management team and Metalmark Capital PE (acquired interest from Prospect Partners in 2019)
Number of hospitals: 72 (+9 since January 2022; general practice, specialty, and emergency) in Alabama, Arkansas, Florida, Georgia, Louisiana, Maryland, Massachusetts, Mississippi, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas and Virginia
Buys in: above-mentioned states
Practice eligibility criteria: team quality and shared values
Ownership agreement: 100 percent or majority sale to Innovetive PetCare
Business support offered:
- Centralized finance, payroll, marketing, HR, recruiting, purchasing, vendor negotiation, and inventory management
- Training and development opportunities for staff (including Innovetive Leadership Summits and Innovetive University)
American Veterinary Group
Website: https://americanveterinarygroup.com/
Founded: in 2015 by veterinarians
Ownership status: acquired by Oak Hill Capital Partners (PE) in 2021
Number of hospitals: 100+ (including UrgentVet Pet Clinics) in Florida, Georgia, Texas, South Carolina, North Carolina, and Oklahoma
Buys in: South and Southeast United States
Practice eligibility criteria: relationship-focused practices
Business support offered:
- Back-office services including finance, accounting, legal, HR, payroll, and marketing
- Economies of scale in purchasing and systems
- Hand-off approach to medicine; retention of brand, team, and culture
- Learning and mentorship opportunities through American Veterinary Academy
- Sharing of resources and best practices across the network of member hospitals
- Opportunity to stay with the practice, post-sale
Curo Pet Care
Website: https://www.curopet.com/
Founded: in 2015
Ownership status: family-owned veterinary services company founded in 2015
Number of hospitals: undisclosed
Buys in: Bay Area, Pacific Northwest, and Rocky Mountains
Practice eligibility criteria: individually decided
Ownership agreement: sale/co-ownership
Business support offered:
- Retention of a practice’s unique culture, legacy in a community, and clinical approaches
- Assistance in operations and administrative tasks including management, purchasing, IT, finance/accounting, renovations, equipment upgrades, etc.
- Annual off-site events for sharing best practices, collaboration, and continuing education
Heartland Veterinary Partners
Website: https://heartlandvetpartners.com/
Founded: in 2016 by George Robinson, DVM
Ownership status: acquired by Gryphon Investors (majority stake) in 2020; managed by veterinarians
Number of hospitals: nearly 100 veterinary practices across the Mid-American and Southern markets
Buys in: 20 states
Practice eligibility criteria: profitability, the potential for growth, and cultural fit
Ownership agreement: custom-tailored to fit a practice’s unique needs
Business support offered:
- Non-clinical, administrative services such as finance, operations, accounts payable, procurement, marketing, HR, and IT
- Not interfering in medicine or formulary but instead, bringing benefits of scale and relief from operational burdens, letting practices keep serving their communities in their unique way
Amerivet Veterinary Partners
Website: https://amerivet.com/
Founded: in 2016 by Imperial Capital as a sister company of VetStrategy, the Canadian veterinary group
Ownership status: owned by AEA Investors LP and a wholly owned subsidiary of the Abu Dhabi Investment Authority
Number of hospitals: 187 (+53 since January 2022) veterinary practices across 35 states
Buys in: nationwide
Practice eligibility criteria:
- Well-run clinics with exceptional teams and a passion for animals
- Hospitals with 2+ DVMs who are looking to adapt and grow their business
- Partner Owners who want to stay invested in their practices, both emotionally and financially
Ownership agreement: typically a majority sale to AmeriVet, but 100 percent sales and other types of deals are also possible. Approach is not one-size-fits-all, so deals are tailored to individual practices
Business support they offer:
- Administrative support in areas including payroll, vendor relations, marketing, operations, HR, and IT
- Profit-sharing plans for owners who stay with the practice
- 401(k) employer-sponsored retirement plan
- Significant cost savings on supplies due to economies of scale
- Retention of a clinic’s brand name, logo, schedule, management, vendors, etc.
- Full freedom in clinical practices and standards
- Continuing education and professional development opportunities
- Ability to maximize retirement proceeds when the partner chooses to step down
Cara Veterinary
Website: https://www.caraveterinary.com/
Founded: in 2017 by Peter Brown and Edward Haughey
Ownership status: family-owned and led
Number of hospitals: 9 (+1 since January 2022)
Buys in: Pacific Northwest
Practice eligibility criteria: individually decided
Ownership agreement: 100 percent sale only (no joint venture models) as long-term family ownership is Cara Veterinary’s primary objective
Business support offered:
- Connecting the hospital to Cara’s extensive resources in technology and systems, inventory management, pricing optimization, marketing, as well as talent acquisition, training, and retention
- Utmost regard for the practice’s unique culture and relationships
- Enhanced learning and development opportunities for veterinarians and associates through Cara’s medicine network and its relationships with the world’s most respected health care organizations
- Improved sustainability through the long-term family-ownership model
- Fostering a strong family culture, which makes the best foundation for preserving the practice’s legacy
WellHaven PetHealth
Website: https://wellhaven.com/
Founded: in 2017 by John Bork, Bob Lester, DVM, and Tom Reuss
Ownership status: owned and led by a small group of vets and vet professionals; Capricorn Healthcare (PE)
Number of hospitals: 45 (all general practices) in Colorado, Montana, Minnesota, Washington, Kansas and Oregon
Buys in: above-mentioned states and California
Practice eligibility criteria: AAHA-accredited and Fear Free-certified vet practices with a top-notch team, culture, and medical standards
Ownership agreement: deals ranging from 100 percent sale to co-owning.
Business support offered:
- Handling back-office functions such as finance, marketing, payroll, benefits, HR, etc.
- Cloud-based practice management software
- Equipment upgrade and facilitated inventory management with Cubex units
- Assistance with AAHA accreditation and Fear Free certification
- Team training and leadership programs
Mission Veterinary Partners
Website: https://missionvetpartners.com/
Founded: in 2017 by Jeff Rothstein, DVM, and Vic Dhillon, DVM
Ownership status: majority interest acquired by Shore Capital Partners in 2017; minority belongs to the team of veterinarians
Number of hospitals: 320+ in 35 states
Buys in: nationwide
Practice eligibility criteria:
- Revenue of at least $1.5M
- No less than three full-time equivalent veterinarians (DVM)
- Modern facility
- Shared values such as “people before profits,” accountability, honesty, and continuous improvement
- A strong cultural fit
Ownership agreement: 100 percent sale with investment opportunities for practice owners (joint venture)
Business support offered:
- Centralized finance and accounting (payables, payroll, etc.), HR, talent acquisition, and marketing
- Buying new equipment and handling facility, technology, and software upgrades
- Consistent support from MVP’s regional medical director and operations manager
- Profit-sharing for full-time employees
- Benefits (401(k) plans, CE, PTO, and healthcare)
- Full medical autonomy
Destination Pet
Website: https://www.destinationpet.com/
Founded: in 2017
Ownership status: backed by LetterOne (international investment business)
Number of centers: 120+ (vet hospitals and pet care facilities)
Buys in: nationwide (both urban and suburban)
Practice eligibility criteria: buying vet practices and pet resorts
Ownership agreement: 100 percent sale (cash)
Business support offered:
- Keeping the local brand and culture intact
- Development opportunities for staff
- Back-end support in operations and administrative tasks
- Career opportunities and staff benefits for full-time employees
- Cash transactions
- Lease or Real Estate purchase
- Continued focus on the business Local Brand and Culture
- Commitment to retaining staff
- Employee benefits package (Healthcare, 401k, PTO, CE)
- Unrivaled expert support to ensure success
Encore Vet Group
Website: https://www.encorevet.com/
Founded: in 2018 by Ted Sprinkle, DVM, Lance Sprinkle, and Bo Iler
Ownership status: majority interest was acquired by North Castle Partners (PE) in 2018; minority interest is held by several shareholders
Number of hospitals: 62 in South Carolina, North Carolina, Virginia, Michigan, Ohio, Florida, Wisconsin, and Washington DC
Buys in: East of the Mississippi River in the U.S.
Practice eligibility criteria:
- Practices with a great culture and prominent leadership potential
- High clinical standards
- Forward-thinking
Ownership agreement: 100 percent or majority sale to Encore, with stakes in Encore for practice sellers and associates available.
Business support offered:
- Retention of brand identity and practice’s unique approaches to medicine
- Relieving administrative burdens (accounting, payroll, HR, marketing, operations, etc.)
- Professional education and courses for local leaders at Encore Performance Academy
- Increased profitability through corporate business support, shared resources, and economies of scale
- Efficient talent acquisition
- Relocation bonuses and tuition reimbursements
Heart + Paw
Website: https://heartandpaw.com/
Founded: in 2018 by George Melillo, VMD and Teresa Fox
Ownership status: backed by Waud Capital Partners (PE) since 2018
Number of hospitals: 28 (+5 since January 2022) locations in Pennsylvania, Delaware, New Jersey, Connecticut, Maryland, Virginia, and New York
Buys in: U.S. East Coast and as far west as Kentucky, Ohio, and Tennessee
Practice eligibility criteria: Forward-thinking independent practices generating more than $1M in gross revenues. Also partners with pet resorts and daycare locations looking to add veterinary to their services.
Ownership agreement: earn-out
Business support offered:
- Clinical freedom
- Comprehensive back-office support (streamlined operations, marketing, HR, accounting, payroll, recruiting, and technology)
- Training opportunities
United Veterinary Care
Website: https://unitedveterinarycare.com/
Founded: in 2019
Ownership status: acquired by Nordic Capital (PE) in 2021
Number of hospitals: 115 (+12 since January 2022) clinics (general and emergency) in 23 states
Buys in: Southeast U.S.
Ownership agreement: sale with a stake in UVC available for practice sellers
Business support offered:
- Centralized backup in operations (plans, operating budgets, buying new equipment and inventory, etc.)
- Support in marketing and IT (better access to advanced technologies and marketing tools, facilitated client acquisition, etc.)
- Handling back-office finance and accounting such as accounts payable, payroll, tax, financial reports, etc.
- Empowering local teams through leadership/mentorship opportunities and personal development plans
- Continuing education and a wide range of training programs equipping teams with cutting-edge resources on communication, conflict management, and other industry topics
- Protection of a hospital’s unique identity, culture, community relationships, and medical practices
- Employment and equity opportunities for practice sellers
Western Veterinary Partners
Website: https://westernvetpartners.com/
Founded: in 2019
Ownership status: owned by Tyree & D’Angelo Partners (PE)
Number of hospitals: prefers not to disclose
Buys in: Western U.S. (11 states)
Practice eligibility criteria: partnering with practices of all sizes; the decision on every practice is made individually
Ownership agreement: cash-based sale with flexible structuring of every acquisition
Business support offered:
- Efficient backup in non-clinical, administrative functions such as accounting and finance, HR, inventory management, marketing, talent acquisition, etc.
- A team of professional pet care executives to assist partner hospitals in business tasks in the post-transition period.
- Maintaining the local brand identity and full clinical autonomy.
- Economies of scale (financial benefits from partnering with a larger network).
Galaxy Vets
Website: https://galaxyvets.com/
Founded: in 2021
Ownership status: Privately/employee-owned (ESOP model)
Number of hospitals: undisclosed
Buys in: across the US
Practice eligibility criteria: General hospitals in dense areas
Ownership agreement: A combination of cash and equity
Business support offered:
- Galaxy Vets is the first employee-owned veterinary consolidator in the U.S. It uses an Employee Stock Ownership Plan (ESOP) and allocates equity to all of its employees — veterinarians, technicians, support and management staff, as well as relief workers. Eligibility to become an ESOP participant is to work at least 20 hours per week in any of Galaxy Vets’ settings.
- Retirement plan at no cost to employees — ESOP contributions have no impact on employees’ take-home pay, and as share prices grow, so does their retirement fund.
- People-centric culture, a data-driven approach to successful employee experience and burnout prevention strategy based on years of research in organizational psychology and healthcare that addresses the key causes of burnout in veterinary teams.
- Improved operational efficiency through HQ-staffed telehealth and hands-on growth lever implementation, including centralized recruiting, vendor management, inventory management, and workflow optimization.
- Back-office services, including finance, accounting, legal, HR, payroll, and marketing.
Rarebreed Veterinary Partners
Website: https://rarebreedvet.com/
Founded: in 2018
Ownership status: backed by Revelstoke Capital Partners
Number of hospitals: 100
Buys in: U.S. East Coast
Business support offered:
- Extensive support in accounting/finance, IT, and marketing
- Dedicated personnel to support ongoing talent management, retention, and career development
- Partnership with PetMedic urgent care, which provides after-hours relief to overwhelmed emergency hospitals and local veterinarians
Valley Veterinary Care
Website: https://valleyveterinarycare.com/
Founded: in 2016 by Wesley Godwin
Ownership status: family-owned and led
Number of hospitals: 22
Buys in: West and Southwest US
Practice eligibility criteria: general and emergency practices
Business support offered:
- Medicine: Full freedom in clinical practices and standards
- DVM support system: a DVM relief network to allow for a better work-life balance while you enjoy a robust benefits package.
- Hospital support: Assistance with all the back office functions (marketing, human resources, etc.)
The Vets Pets
Website: https://thevetspets.com/
Founded: in 2007 by Frank Batten, DVM and Steve Thomas
Ownership status: 100% owned by the founding family and veterinarians
Number of hospitals: 24
Buys in: North Carolina
Ownership agreement: partnership/co-ownership or starting a completely new practice (preferred growth model is through joint-venture partnerships with veterinarians)
Business support offered:
- Customized leadership and mentorship for veterinarians and practice managers
- Support in HR (Payroll, Recruiting, Policies/Insurance)
- Practice oversight provided by Vets Pets’ Medical Directors
- Extensive support in IT, Accounting, Finance, Marketing
Alliance Animal Health
Website: https://allianceanimal.com/
Founded: in 2016 by Matthew Sussman, Jake Sloane, and Frank Zhang
Ownership status: acquired by L Catterton
Number of hospitals: 160+
Buys in: across the US
Ownership agreement: partnership
Business support offered: Alliance Animal Health provides resources and assistance in business operations, additional education and mentoring for vets, custom-built financial offerings, and more.
EverVet Partners
Website: https://evervetpartners.com/
Founded: in 2020 Joe Luceri and Len Podolsky
Ownership status: funded by Freeman Spogli & Co and Tailwind Capital
Number of hospitals: 25 across 8 states
Buys in: Mid-Atlantic, Midwest, Northeast and Southeast
Ownership agreement: partnership/ownership
Business support offered: EverVet Partners supports its hospitals and veterinarians to help each clinic grow and provide best-in-class care to pets and pet parents.
CareVet
Website: https://www.carevethealth.com/
Founded: in 2018 by Dr. Kent Thornberry
Ownership status: Comvest Credit Partners invested in CareVet
Number of hospitals: 100+
Buys in: 30+ states
Ownership agreement: cash-based sale and stock options opportunity with flexible structuring of every acquisition
Business support offered:
- Customized Career Growth Plan
- The Ultimate CarePackage, a suite of 16 innovative DVM benefits aimed at providing both personal and professional support
- Specialty Equipment and Training
- Revenue-Sharing Program
Veritas Veterinary Partners
Website: https://www.veritasvetpartners.com/
Founded: in 2022 by Dr. Thomas Scavelli
Ownership status: backed by Percheron Capital (PE)
Number of hospitals: over 100 leading specialty and emergency veterinary care hospitals
Buys in: nationwide
Practice eligibility criteria: specialty and emergency veterinary clinics
Business support offered: Recruiting resources, leading compensation and benefit programs for employees, equity opportunities for doctors, continuing education benefits, capital for new facilities and equipment and infrastructure for growth.
Inspire Veterinary Partners
Website: https://www.inspirevet.com/
Founded: in 2020
Ownership status: Privately owned
Number of hospitals: 7
Buys in: Texas, California, Florida
Business support offered:
- Stock option opportunities for all team members
- Compensation packages
- Coaching and Mentorship
- Development and support in the form of experienced leadership and expert consultancy
O’Brien Veterinary Group
Website: https://obrienveterinarygroup.com/
Founded: in 2009
Ownership status: family-owned
Number of hospitals: 27 practices
Buys in: Midwest, Mountain West and Florida
Practice eligibility criteria:
- Revenue between $800K and $1.5M
- 1-3 DVM practice
- Practice owners who care about their legacy, staff, clients and patients
Ownership agreement: 100 percent sale
Business support offered:
- Recruitment support
- Team building activities
- Medical practices and protocols are always left in the hands of the veterinarians and their teams
Veterinary United
Website: http://veterinaryunited.com/
Founded: in 1999
Number of hospitals: 22
Buys in: Michigan
Business support offered:
- Benefits, including a focus on work-life integration
- Training opportunities
- Roundtable discussions on new trends and developments in veterinary medicine and more
Bond Vet
Website: https://bondvet.com/
Founded: in 2019 by Lukas Keindl, Mo Punjani, and Zay Satchu
Ownership status: funded by Warburg Pincus and Talisman Capital
Number of hospitals: 31
Buys in: U.S. East Coast
Business support offered:
- Virtual Visits
- Easy Appointments
- Compassionate Vets
GoodVets
Website: https://www.good-vets.com/
Founded: in 2017 by David Saginur and Ryan Joseph
Ownership status: funded by SkyKnight
Number of hospitals: 16
Buys in: nationwide
Business support offered: The company offers wellness and prevention care, diagnostics exams, routine and advanced surgery, emergency care as well as daycare and grooming services, enabling clients to take proper care of their pets.
Modern Animal
Website: https://www.modernanimal.com/
Founded: in 2019 by Steven Eidelman & Ben Jacobs
Ownership status: raised capital from leading venture capital funds (True Ventures and Addition, Founders Fund, and Upfront Ventures)
Number of hospitals: 5
Buys in: California
Business support offered:
- Annual membership (No exam fees)
- Virtual Care
- Fair Staff Compensation
- Collaborative medicine
My Pet’s Vet Group (MPVG)
Website: https://www.mypetsvetgroup.com/
Founded: in 2017 by Bob Singleton
Ownership status: funded by Fulcrum Equity Partners
Number of hospitals: 4
Buys in: Ohio, Texas and Georgia
Business support offered: Provides services such as general medicine, dental care, diagnostic tests, surgeries, emergency and critical care, and pharmacy as well as preventative medicine through a variety of Wellness Plans.
Conclusion
Veterinary practice consolidation is progressing, and in the upcoming years, we are likely to see more private equity firms buying practices which will be eventually swallowed up by even bigger corporations. This can play into the hands of practice owners planning retirement. Selling to a big veterinarian group gives them substantial profit and (sometimes) freedom to keep doing what they love most — pet care.
At the same time, selling a practice requires planning ahead and devising the right exit strategy. What type of buyout am I to choose?
Private-equity or a consolidator led by veterinarians? Can I stay with my practice or this is the end? What will happen with my team post-acquisition?
All of these questions can be quite overwhelming to answer, but not doing so poses two huge risks to you and your practice:
- If you decide to sell your practice on the spur of the moment, without a sound exit strategy, you risk selling your legacy short and to the wrong people.
- Not being transparent with your staff about future acquisition can cause a great deal of stress. In this period of uncertainty, many teams suffer from dysfunctions such as the absence of trust, fear of conflict, lack of commitment and accountability, and inattention to results.
Once selling your practice is inevitable, the best thing you can do is keep the lines of communication open with your team to keep their spirits up during the time of uncertainty. Being honest with your team and yourself and planning in advance helps ensure your pets and vets will be in the right hands and happy.
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