Veterinary Acquisitions in United States

Paw Prosper, a Denver-based provider of professionally recommended pet wellness products, has acquired the Canine Rehabilitation Institute (CRI). CRI provides hands-on clinical training, certification, and continuing education in canine physical rehabilitation and acupuncture for veterinary and physical therapy professionals. The acquisition expands Paw Prosper’s offering by integrating professional education and technical training alongside its expert-backed products.

Tyree & D'Angelo Partners (TDP) completed a single-asset secondary transaction to extend its investment in Western Veterinary Partners, creating a TDP-managed continuation fund and raising new capital for Western's organic growth and acquisitions. HarbourVest Partners anchored the transaction as sole lead investor, with additional commitments from Ares Private Equity Secondaries funds, a syndicate of investors, and TDP’s existing limited and general partners.

Kemin Industries announced the acquisition of Hennessy Research Associates, LLC, a Lenexa, Kansas-based veterinary biologics contract research and vaccine manufacturing specialist. The deal expands Kemin’s animal vaccine capabilities by adding CRO/CDMO/CMO services and Hennessy’s team and expertise in animal vaccine R&D and biological manufacturing processes.

Digs Dog Care, a pet services brand backed by Frontenac and Encore Management Group, announced its national expansion through the acquisition of 17 pet resorts since forming in 2024. The acquired resorts include newly rebranded Digs locations and partner facilities that continue operating under their original names, expanding Digs’ network of pet daycare, boarding, grooming, and training offerings across the U.S.

K9 Resorts Luxury Pet Hotel entered into a landmark joint venture with its largest franchisee group, Luxury Pet Hotel Investments, LLC (LPHI). Under the agreement, K9 Resorts and LPHI become 50-50 partners in K9 Resorts’ corporate-owned locations outside the flagship in Fanwood, New Jersey, with LPHI taking over day-to-day management of four resorts in New Jersey and Pennsylvania. The partnership is intended to accelerate growth while allowing K9 Resorts’ corporate team to focus on franchisor support and system-wide expansion.

A coalition of existing emergency and specialty veterinarians, together with Curo Pet Care, acquired the assets of Metropolitan Animal Specialty Hospital (MASH) in Los Angeles from Ethos Veterinary Health. The buyer group will keep the hospital operating continuously at its Santa Monica Boulevard location with no interruption to 24/7 emergency and specialty services.

Main Street Capital Corporation fully exited its debt investments and partially exited its equity investment in Nebraska Vet AcquireCo, LLC (dba Heritage Vet Partners) upon completion of a majority recapitalization with a new financial sponsor. Heritage Vet Partners, headquartered in West Point, Nebraska, is a national provider of rural, mixed, and large animal veterinary services and products across the United States. As part of the transaction, Main Street realized a $55.5 million gain and received a minority equity position in the acquirer.

Creative Science, a CIMA Animal Health company, announced the acquisition of Astaria Global, an equine health company specializing in orthobiologic therapies for pain management and equine asthma. The deal strengthens Creative Science’s equine division by adding Astaria’s proprietary technology platform and expanding access to innovative veterinary solutions for horses.

Creative Science, a CIMA Animal Health company and a portfolio company of Incline Equity Partners, acquired Infiniti Medical LLC and its subsidiary Orthomed UK Ltd. Infiniti Medical and Orthomed provide veterinary medical technologies, including interventional radiology, cardiology, soft tissue surgery, and orthopedic implants and instruments, expanding Creative Science’s veterinary medical solutions offering.

Paws Pet Resort was sold to Best Friends Pet Care, a portfolio company of Mosaic Capital Partners, with Peakstone serving as exclusive M&A advisor to Paws Pet Resort. Paws Pet Resort is a pet resort and services provider offering boarding, daycare, training, and related services and is based in Sioux Falls, South Dakota. Financial terms were not disclosed.

Phibro Animal Health Corp. completed the acquisition of Zoetis Inc.’s medicated feed additive product portfolio and certain water-soluble products. The acquired portfolio includes more than 37 product lines sold in roughly 80 countries and is supported by six manufacturing sites in the United States, Italy, and China. Phibro expects the deal to expand its animal health and nutrition offerings and improve profitability and EBITDA margin.

Tractor Supply Company signed a definitive agreement and subsequently completed an all-cash acquisition of Allivet, a privately held online pet and animal pharmacy. The deal is intended to expand Tractor Supply’s pet and animal prescription offering and leverage Allivet’s PetRx platform and distribution network to serve Tractor Supply’s customer base, including its 37 million Neighbor’s Club members. Financial terms were not disclosed.

Animal Dermatology Group, Inc. (ADG) acquired four veterinary dermatology specialty practices: Long Green Animal Dermatology (Baldwin, Maryland), Nashville Veterinary Dermatology (Nashville, Tennessee), Animal Dermatology & Allergy (Estero, Florida), and Dermatology & Allergy Clinic for Animals (Santa Barbara, California). The acquisitions expand ADG’s footprint and support its strategy to broaden access to specialty veterinary dermatology care across the United States.

Patterson Companies, Inc. signed agreements for two acquisitions within its Animal Health business: National Veterinary Services Limited (NVS) will acquire U.K.-based Infusion Concepts Ltd., and Animal Health International, Inc. will acquire a majority of the operating assets of Mountain Vet Supply Inc. in the U.S. The deals are intended to expand Patterson’s animal health product and distribution capabilities; financial terms were not disclosed and closings are expected in Patterson’s fiscal Q2 FY2025.

Bansk Group, a consumer-focused private investment firm, agreed to acquire (and later completed the acquisition of) PetIQ, Inc. in an all-cash transaction valued at approximately $1.5 billion. PetIQ shareholders received $31.00 per share in cash, and following closing PetIQ was delisted from Nasdaq and became a privately held company operated by its existing executive team.

Carmelina Capital Partners has completed an investment in KVP International, LLC, a provider of veterinary supplies and small animal wellness solutions. KVP, headquartered in McKinney, Texas, will continue to be led by CEO Ken Bowman as the company pursues growth and potential add-on acquisitions.

Revival Animal Health, a portfolio company of Incline Equity Partners, acquired Equine Medical and Surgical Associates. The deal expands Revival’s offerings in the equine market by adding Equine Medical and Surgical Associates’ natural equine supplement products. Blue River Financial Group advised Revival on the transaction.

WagWay Group, a platform company of Access Holdings, announced a new partnership with Pawville, a pet care and wellness provider with luxury pet resorts across the Southeast United States. The partnership adds Pawville’s boarding, daycare, grooming, training and related wellness offerings (including Paw Springs veterinary medical centers) to WagWay’s network and supports Pawville’s growth across the Southeast and Mid-Atlantic markets.

MedVet LLC received a minority capital investment from Leonard Green & Partners, L.P. and secured a senior term loan from Oak Hill Advisors to support continued expansion of its emergency and specialty veterinary hospital network. The financing is intended to accelerate MedVet’s growth, provide an exit for minority shareholders from a 2019 investment, and deliver partial liquidity for some employee owners.

Michael Kidd, owner of the Pet Butler franchise in Cary, North Carolina, acquired Fluff Inc., a local pet care company. The deal expands the franchise’s offerings by adding pet sitting and dog walking services to its existing pet waste removal business.

Destination Pet, a pet services and veterinary network headquartered in Highlands Ranch, Colorado, has acquired PawPrints of Vero Beach, a high-end dog resort in Florida. CDI Global (Boca Raton office) advised and supported PawPrints’ management through the divestiture process.

Mixlab, a modern veterinary pharmacy, acquired NexGen Animal Health of Weatherford, Texas to expand its veterinary compounding services from companion animals into large animals such as equine, exotic, wildlife, and zoo species. The transaction is supported by continued financial backing from Vanterra Ventures, and Mixlab plans to leverage its technology platform to improve the pharmacy experience and increase production efficiency.

Heritage Vet Partners, P.C. (Nebraska Vet AcquireCo, LLC) acquired Muleshoe Animal Clinic, PLLC, Muleshoe Vet Labs, LLC, and Muleshoe Vet Supply, LP (collectively “Muleshoe”), a mixed animal veterinary practice in Muleshoe, Texas providing veterinary services, products and supplies. Main Street Capital Corporation provided a $25.9 million follow-on investment in Heritage (an additional first-lien, senior-secured term loan) to support the acquisition as part of Heritage’s acquisition-driven growth strategy.

Swifto, a technology-driven pet care services company, has acquired Wagz 'n Whiskerz, a dog walking company near Charlotte, North Carolina, expanding Swifto into its third state. The deal adds a new footprint in the Lake Norman area and integrates Wagz 'n Whiskerz’s local expertise with Swifto’s technology-enabled service model.

Elanco Animal Health Inc. agreed to sell its aqua business to Merck Animal Health for approximately US$1.3 billion in cash. The divestiture includes marketed aqua brands, R&D projects, certain manufacturing site transfers (Prince Edward Island, Canada and Dong Nai, Vietnam) and approximately 280 employees, and is expected to close around mid-year subject to regulatory approvals.

Pet Resort Hospitality Group (PRHG), backed by Trivest Partners and Queens Court Capital, announced the acquisition of five pet resort brands, expanding PRHG’s footprint to 17 total pet resort locations across the United States. The acquired brands include Meadowlake Pet Resort and Training Center, Olde Towne Pet Resorts, Playtime Pet Resort, Paws ‘n' Rec, and Williamsburg Pet Hotel and Suites. The deals support PRHG’s buy-and-build strategy in pet services including daycare, boarding, grooming, and training.

Instinct Science, a veterinary practice management software provider backed by Mainsail Partners, acquired VetMedux, the education and point-of-care information company behind Clinician’s Brief and Plumb’s Veterinary Drugs. Following the transaction, VetMedux will operate as a division of Instinct, with VetMedux founder Elizabeth Green joining Instinct’s management team as President of VetMedux. The combination is intended to broaden Instinct’s veterinary software offering with widely used clinical content and decision-support resources.

Veterinary Pharmaceutical Solutions (VPS), a Granite Creek Capital Partners portfolio company, acquired Diamond Animal Health to expand its animal health manufacturing and R&D capabilities. Granite Creek supported the transaction via follow-on funding from its FlexCap II fund, and Diamond was acquired from Mars Corporation. The combination creates a broader animal health platform spanning regulated compounding plus FDA cGMP pharmaceutical and USDA vaccine manufacturing.

Animal Dermatology Group, Inc. (ADG) completed the acquisition of Golden Gate Animal Allergy and Dermatology, doing business as Golden Gate Veterinary Specialists (GGVS), an out-patient veterinary specialty practice serving the Northern California Bay Area. The acquisition expands ADG’s footprint in veterinary specialty services, adding GGVS’s team focused on dermatology, oncology, and internal medicine.

Heart + Paw received a significant strategic growth investment from Whistler Capital Partners, a healthcare-focused private equity firm. Heart + Paw will continue to be led by its existing management team, and financial terms of the investment were not disclosed.

Destination Pet, a nationwide pet care provider, acquired Roscoe's Bed + Bark, a Portland, Maine-based dog daycare, boarding, and grooming services company founded in 2015. Madison Street Capital served as exclusive financial advisor to Roscoe's Bed + Bark on the sale. Financial terms were not disclosed.

Nextmune, a global specialty pharma company focused on companion animal health, has acquired VetBiotek, a veterinary dermatology solutions provider. The deal expands Nextmune’s dermatology portfolio, with plans to enhance production, distribution, and packaging of VetBiotek’s MicroSilver BG and Ceramide III-based topical products.

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.

Revival Animal Health, a portfolio company of Incline Equity Partners, acquired Creative Science. The combination expands Revival’s product and service offerings to veterinary professionals and strengthens both companies’ positions in animal health distribution and care products.

Animal Dermatology Group, Inc. (ADG) acquired two veterinary dermatology specialty practices: Animal Dermatology & Allergy (Rocklin/Sacramento area, California) and SkinVet Clinic (Lake Oswego, Oregon). The acquisitions support ADG’s expansion in Northern California and the Pacific Northwest and broaden its specialty veterinary dermatology footprint in the region.

Paw Prosper, a pet health and wellness platform, announced the acquisition of K9 Carts, the original pet wheelchair company founded in 1961. The deal adds K9 Carts to Paw Prosper’s portfolio of preventative, supportive, and rehabilitative pet wellness brands, expanding its mobility-support offerings for low-mobility pets.

In October 2023, WellHaven PetHealth acquired Blue Cross Veterinary Clinic in Arizona, expanding WellHaven’s footprint and bringing its partnerships to six active markets. WellHaven is a Martis Capital-backed multi-regional platform of veterinary practices with more than 40 hospitals across several U.S. states.

P3 Technologies (P3T), a Miami-based pet health technology company, closed a $10 million investment round from a group of investors. Concurrently, P3T acquired two pet pharmacies, Heartland Veterinary Pharmacy and VetApproved Pharmacy, to expand and integrate pharmacy services into its broader pet healthcare offering.

Varsity Healthcare Partners (VHP) completed a strategic growth investment in VetEvolve, a general veterinary care platform headquartered in Richmond, Virginia with clinics across the Mid-Atlantic United States. The transaction represents the sale of VetEvolve by Align Capital Partners, which had partnered with the company since 2020; deal terms were not disclosed.

GoodVets Group LLC received a strategic growth investment from General Atlantic to support continued expansion of its veterinary care platform. Existing investor SkyKnight Capital, L.P. will remain involved alongside General Atlantic as GoodVets accelerates its de novo clinic growth strategy across major U.S. metro areas.

Revival Animal Health announced it has acquired Breeder's Choice, a leading distributor of equine reproductive supplies. The deal expands Revival’s reproductive and neonatal health focus into the equine market, complementing its prior acquisition of Exodus Breeders. Breeder's Choice is headquartered in Rochester Hills, Michigan and was founded by Whit and Kathy Byers before being passed to their daughter Mandy Paul.

Veterinary United of Southeastern Michigan acquired Waverly Animal Hospital, a full-service veterinary hospital in Lansing, Michigan. Sellers Dr. Jennifer Raphael and Will Raphael are expected to remain involved post-transaction, with Jennifer continuing as lead veterinarian and Will as office manager. Calder Capital served as Waverly Animal Hospital’s exclusive M&A advisor; financial terms were not disclosed.

Dômes Pharma has finalized the acquisition of SentrX Animal Care, a Salt Lake City, Utah-based animal health company that develops and manufactures veterinary ophthalmology products using its patented BioHAnce crosslinked hyaluronic acid technology. The deal supports Dômes Pharma’s expansion in North America and strengthens its positioning in veterinary ophthalmology, with Dômes Pharma US President Anne Moulin taking over management of SentrX.

Destination Pet acquired Pet Palace Pet Boarding Resort, a pet care facility operating 11 locations across Ohio, Indiana, North Carolina, and Pennsylvania. The deal expands Destination Pet’s multi-state footprint and adds Pet Palace’s boarding, daycare, and grooming offerings into Destination Pet’s network, supporting its continued consolidation of pet care resorts in the United States.

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.

Argenta has agreed to acquire the CRO services of Midwest Veterinary Services, Inc. (MVS), expanding its animal health and nutrition molecule-to-market capabilities. Founded in 1987 in Oakland, Nebraska, MVS will operate as a standalone business unit within Argenta, with its existing management team remaining in place.

TSG Consumer Partners acquired a majority stake in Pathway Vet Alliance LLC from investment funds managed by Morgan Stanley Capital Partners. Pathway’s management team will continue to lead the business and retain a significant minority stake, while MSCP will remain a minority partner; financial terms were not disclosed.

Trivest Partners and Queens Court Capital Management formed Pet Resort Hospitality Group (PRHG) as a new platform in the pet services industry. Following its formation, PRHG acquired Play All Day, a five-location pet resort operator across New Hampshire and Massachusetts. Play All Day founder Amanda Field will continue to operate the business and support PRHG’s expansion in the Northeast.

Synergy Pet Group, Inc., a provider of pet-related employee benefits, tech-enabled services, and veterinary software, secured a minority growth investment from LoneTree Capital, LLC. The investment includes LoneTree Managing Partner Matt Koven joining Synergy’s Board of Directors, with deal terms not disclosed.

Altano Group (Altano Gruppe GmbH) announced the acquisition of Avanti Equine Veterinary Partners, an equine hospital group with seven locations across the United States. Altano plans to continue investing in Avanti’s people and locations while strengthening its national presence and advancing Altano’s goal of becoming a leading equine clinic group worldwide.

Veterinary Practice Partners (VPP) announced a partnership with Caring Hands Animal Hospital, a network of eight veterinary hospitals in Maryland and Virginia. As part of the transaction, VPP will co-own the Caring Hands practices and elevate 21 associate doctors to equity partners alongside existing Caring Hands owners.

Mars, Incorporated entered into a definitive agreement to acquire Heska Corporation, a provider of advanced veterinary diagnostic and specialty products, for $120.00 per share. Upon closing, Heska will join Mars Petcare’s Science & Diagnostics division, expanding Mars’ veterinary diagnostics offerings and accelerating R&D and innovation.

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.

Animal Dermatology Group, Inc. (ADG) acquired Animal Skin and Allergy Clinic (ASAC) of Lynnwood, Washington, expanding ADG’s veterinary dermatology footprint in the Pacific Northwest near Seattle. ASAC, a long-standing veterinary dermatology practice serving northern Washington for more than 30 years, will join ADG’s national network as part of ADG’s ongoing expansion strategy.

Focus Impact Partners, LLC and Meaningful Partners LLC announced the initial closing of a strategic growth investment in Skiptown, a pet services and social experiences platform. The investment is intended to support Skiptown’s expansion into new markets and additional locations. Financial terms were not disclosed.

Patterson Companies, Inc., through a subsidiary, signed an agreement to acquire substantially all of the assets of Relief Services for Veterinary Practitioners and Animal Care Technologies (RSVP and ACT), a Texas-based provider of data extraction/conversion, staffing, and video-based training solutions for veterinary practices. The business will be integrated into Patterson Veterinary’s operations to expand Patterson Veterinary’s value-add platform. Financial terms were not disclosed, and closing is expected during Patterson’s third fiscal quarter of FY2023.

AmeriVet Veterinary Partners acquired Northeast Veterinary Partners in a buyout announced as occurring on October 11, 2022. The transaction added 14 veterinary practices to AmeriVet’s network, expanding its clinic footprint across states including New Hampshire, Massachusetts, Vermont, California, and Maine.

Animal Dermatology Group, Inc. (ADG) acquired Animal Dermatology Referral Clinic (ADRC), a specialty veterinary dermatology practice serving the Dallas–Fort Worth metroplex with offices in Dallas and Grapevine. The deal expands ADG’s specialty dermatology coverage in North Texas and adds ADRC’s team led by Dr. Reid Garfield and Dr. Dennis Crow to ADG’s national platform.

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.

Veritas Veterinary Partners, a national network of specialty and emergency veterinary care providers, acquired Veterinary Surgical Specialists (VSS). The deal expands Veritas’ presence in Southern California (including Orange County) and is intended to support VSS’s growth and expansion of specialty service offerings; financial terms were not disclosed.

VetCor, a portfolio company of Harvest Partners and Cressey & Company, acquired People, Pets & Vets (PPV), a veterinary services company operating a network of 150+ animal hospitals across the United States. The deal combines two veterinary practice operators and is intended to expand resources, support services, and career opportunities for veterinary teams.

DW Healthcare Partners closed the sale of Med-Pharmex Holdings, Inc., a fully integrated veterinary pharmaceutical manufacturer, to Dechra Pharmaceuticals PLC. Med-Pharmex develops, manufactures, and commercializes animal health drugs, and will continue to grow under Dechra’s ownership. Stifel served as exclusive financial advisor to Med-Pharmex on the transaction.

The Aspen Group (TAG) has reached an agreement to acquire AZPetVet, pending governmental approvals and customary closing conditions. AZPetVet operates a network of 22 veterinary hospitals in the greater Phoenix, Arizona area, and TAG expects the partnership to support accelerated growth and expansion in veterinary care.

EverVet Partners, a U.S. veterinary services platform, announced a partnership investment from private equity firm Freeman Spogli & Co. Tailwind Capital, EverVet’s existing investor, will continue to support the company and will be an equal partner alongside Freeman Spogli following the transaction. Terms were not disclosed and EverVet’s management team will remain in place and retain equity.

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.

Vimian Group, through its MedTech segment Movora, acquired the assets of New Generation Devices (NGD), a veterinary orthopedic implants business based in New Jersey, United States. The acquired business generates approximately USD 4.5 million in annual revenue and expands Movora’s customer base and product offering. As part of the deal, Movora also obtained an exclusive veterinary-field license to access Citrate-BP, a synthetic biomaterial for tissue regeneration.

Heartland Veterinary Partners, a Gryphon Investors-backed veterinary support organization, acquired Family Vet Group (FVG), a provider of general practice veterinary care with practices across multiple U.S. states. FVG is headquartered in the north suburbs of Chicago, Illinois, and its co-founder and president Chase Michalek will remain with the business; deal terms were not disclosed. As part of the transaction, FVG's family ownership group, Highland Ventures LTD, will retain the underlying real estate of the practices and serve as Heartland’s strategic real estate partner for facility expansion.

Veritas Veterinary Partners acquired Pet Emergency & Specialty Center of Marin (PESCM) and Wheat Ridge Animal Hospital, adding two specialty and emergency veterinary hospitals to its national network. The acquisitions expand Veritas’ presence in the North Bay, California and Greater Denver, Colorado; financial terms were not disclosed.

Rarebreed Veterinary Partners announced the acquisition of Massachusetts-based veterinary group Vet's Best Friend (VBF). The transaction adds 47 locations to Rarebreed’s existing 71-practice network, creating one of the largest veterinary practice groups in the United States and supporting continued expansion. Rarebreed is majority backed by Revelstoke Capital Partners and is headquartered in Portland, Maine.

Garnett Station Partners, LLC made a growth investment in Woof Gang Bakery & Grooming, a pet services and specialty retail franchisor with more than 200 locations open or under development across 18 states. The company was founded in 2007 by Paul and Cara Allen, and the investment is intended to accelerate Woof Gang’s next phase of growth. Financial terms were not disclosed.

Zoetis Inc. agreed to acquire and subsequently completed the acquisition of Basepaws, a privately held petcare genetics company that provides genetic tests, analytics, and early health risk assessments for pets. Zoetis expects the deal to strengthen its precision animal health portfolio across genetics, diagnostics, and data analytics and to help inform its future petcare innovation pipeline. Financial terms were not disclosed.

Funds affiliated with Clayton, Dubilier & Rice (CD&R) and TPG Capital agreed to acquire Covetrus for $21.00 per share in cash, valuing the company at approximately $4 billion enterprise value; the deal covered all shares not already owned by CD&R affiliates (which held about 24%). The transaction was approved by Covetrus’ board and shareholders and was financed with equity from CD&R/TPG funds plus committed debt financing. The acquisition closed on October 13, 2022, taking Covetrus private while maintaining its headquarters in Portland, Maine under existing management.

Animal Dermatology Group, Inc. (ADG) signed a definitive agreement to acquire Austin Veterinary Dermatology & Allergy (AVDA), a specialized veterinary dermatology practice serving the Austin and Central Texas region. Transaction terms were not disclosed. AVDA will continue operating at its existing location under the ADG name, with founder Dr. Jenise Daigle joining ADG's nationwide team.

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.

Funds managed by AEA Investors LP, alongside a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and an LP co-investor, closed the acquisition/recapitalization of AmeriVet Veterinary Partners (AmeriVet), a veterinary services platform headquartered in San Antonio, Texas. AmeriVet operates roughly 139–140 animal hospitals across 30+ states, and the transaction involved acquiring the business from Imperial Capital Group.

Richmond SPCA has purchased A.L. Shilling Spay & Neuter and will operate it as a satellite spay-and-neuter clinic at the Mechanicsville location beginning in March. The clinic will be renamed Richmond SPCA Smoky's Spay & Neuter Clinic and will provide sterilization services for municipal shelters, rescue groups, and community cats.

Authority Brands acquired Woofie's, a Virginia-based pet care franchise offering pet sitting, dog walking, and mobile pet spa services; financial terms were not disclosed. The deal adds Woofie's to Authority Brands' home services franchise portfolio and serves as the launch of Authority Brands' emerging brands incubator initiative aimed at accelerating growth of smaller-scale franchise concepts.

Alliance Animal Health, an operator and acquirer of companion-animal veterinary hospitals in the United States, received a significant growth investment from L Catterton’s Flagship Fund. Existing investor LightBay Capital will retain a significant minority stake, and financial terms were not disclosed.

Percheron Capital acquired a majority stake in Animal Dermatology Group, Inc. (ADG), the largest veterinary dermatology specialty group in the United States, with ADG’s management continuing to lead the business and founders/veterinarians retaining a significant stake. In conjunction with the investment, ADG completed the acquisition of Animal Dermatology and Allergy Specialists (ADAS), a New York metropolitan area veterinary dermatology specialty practice founded by Dr. Andrew Rosenberg. Financial terms were not disclosed.

Main Street Capital Corporation made $15.8 million of follow-on investments in existing portfolio companies Direct Marketing Solutions, Inc. (DMS) and Nebraska Vet AcquireCo, LLC (dba Heritage Vet Partners) via additional first-lien, senior secured term loans. The DMS financing supported DMS’s acquisition of a direct mail production plant in Freedom, Pennsylvania from Mailing Services of Pittsburgh, Inc., while the Heritage financing supported Heritage’s acquisitions of Ironsides Animal Health PLLC and St. Anna Veterinary Clinic, S.C.

Avanti Equine Veterinary Partners acquired California-based Steinbeck Peninsula Equine Clinic on December 22, 2021, adding the multi-location equine practice to its national hub-and-spoke network. The partnership is intended to provide operational and management support to Steinbeck Peninsula while expanding Avanti’s presence in California.

Avanti Equine Veterinary Partners acquired Irving, Texas-based Animal Imaging on December 22, 2021, expanding its equine veterinary practice network into Texas. The company also acquired Steinbeck Peninsula Equine Clinic in California as part of its ongoing buildout of a national network providing management and operational support to equine practices.

NewSpring Franchise, a strategy of private equity firm NewSpring, announced an investment in Central Bark, a dog day care and related pet services franchise. Central Bark plans to use the proceeds to accelerate expansion, increase brand awareness, and strengthen infrastructure and operational capabilities while its founders continue to run day-to-day operations.

New Harbor Capital completed a growth equity investment in IndeVets, a tech-enabled provider of veterinarian staffing services. IndeVets, founded in 2017 and headquartered in Philadelphia, Pennsylvania, uses proprietary scheduling software to match veterinarians with shifts at partner veterinary hospitals.

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 mix of first-lien senior secured term debt and a direct equity investment, and also arranged a revolving line of credit (with a co-investor) to support growth and working capital.

Audax Private Equity acquired Veterinary Practice Partners (VPP), a veterinary practice management group previously owned by Pamlico Capital. VPP’s management team, led by CEO John McDonough, will continue to lead the business and remain significant owners, with the investment intended to support continued expansion of VPP’s veterinary hospital partnerships and services.

NovaQuest Capital Management acquired TechAccel LLC’s ownership stake in Covenant Animal Health Partners, an animal health product development and registration partnership formed in 2018 by TechAccel and Reliance Animal Health Partners. The transaction brings NovaQuest’s capital and life sciences investing expertise to support Covenant’s “revenue-ready” animal health product pipeline across production and companion animals.

Ellie Diagnostics announced a new growth equity capital partnership with Avego Healthcare Capital. The strategic investment will support Ellie’s expansion as an independent veterinary diagnostics laboratory serving veterinarians across the United States.

CityVet acquired River City Companion Animal Hospital, marking CityVet’s third practice acquisition in San Antonio, Texas. The deal became effective October 18, 2021, with transaction terms undisclosed, and River City Companion Animal Hospital will continue operating under its current name.

Bond Vet, a tech-enabled veterinary care clinic operator based in New York, announced a $170 million growth investment from Warburg Pincus. The funding will be used to expand Bond Vet’s clinic footprint and invest in equipment, training, culture, and technology, with continued support from existing investor Talisman Capital.

Branford Castle Partners completed the sale of its portfolio company Pulse Veterinary Technologies (PulseVet) to Zomedica Corp. for $70.9 million in an all-cash transaction. PulseVet is a manufacturer and supplier of veterinary shock wave therapy systems and is headquartered in Alpharetta, Georgia.

One Vet, a pet care platform based in League City, Texas, has acquired Veterinarians.org. The acquisition is intended to make accessing veterinary care easier, faster, and cheaper by incorporating Veterinarians.org’s informational resources into the One Vet platform.

Neogen Corporation acquired Atlanta-based CAPInnoVet, Inc., a companion animal health company providing pet medications to the veterinary market. CAPInnoVet will integrate into Neogen’s Animal Safety business segment, expanding Neogen’s presence in the retail parasiticide market. Financial terms were not disclosed.

Animal Dermatology Group, Inc. (ADG) acquired Animal Allergy and Dermatology Center, a veterinary dermatology specialty practice based in Austin, Texas. Following the acquisition, the practice will operate as Animal Dermatology Clinic – Austin, expanding ADG’s dermatology footprint into the Austin market.

Heska Corporation acquired majority ownership of Biotech Laboratories U.S.A. LLC from Biotech Holdings U.S.A. LLC. Biotech, headquartered in Rockville, Maryland, develops rapid point-of-care lateral flow diagnostic tests for infectious and parasitic diseases in animals, expanding Heska’s veterinary diagnostics portfolio. The transaction closed on September 1, 2021.

CityVet, a Dallas, Texas-based network of veterinary-owned practices, announced it has acquired Central Animal Clinic in Cedar Hill, Texas. Central Animal Clinic is a full-service small animal veterinary hospital led by Chris Rose, DVM, and the deal became effective July 15, 2021. Financial terms were not disclosed.

SkyKnight Capital, L.P. made a growth investment in GoodVets Group LLC, a modern veterinary care platform. The investment is intended to help GoodVets accelerate expansion of its de novo veterinary hospital strategy and build a leading general and urgent veterinary care services platform across the United States.

Elanco Animal Health Incorporated entered into a definitive agreement to acquire, and subsequently closed the acquisition of, all outstanding shares of Kindred Biosciences, Inc. for $9.25 per share in a transaction valued at approximately $440–$444 million. The deal strengthens Elanco’s pet health pipeline—particularly in the dermatology category—and expands its biologics/monoclonal antibody R&D capabilities, with expected innovation revenue contribution of about $100 million by 2025.

Patterson Veterinary Supply, Inc., a subsidiary of Patterson Companies, Inc., acquired substantially all of the assets of Miller Veterinary Supply, a multi-regional veterinary distributor. Bridgepoint Investment Banking served as Miller’s sole financial advisor on the sale and previously arranged an asset-backed refinancing facility that supported the transaction.