BBH Capital Partners said Jan. 9 that it has invested in Ethos Veterinary Health LLC via a recap. Financial terms weren’t announced. Ethos, of Woburn, Massachusetts, provides specialty veterinary health services, including 24/7 emergency care, surgical procedures, radiology services and internal medicine.
NEW YORK, Jan. 9, 2019 /PRNewswire/ — BBH Capital Partners (“BBHCP”) announced today that it has completed a recapitalization of Ethos Veterinary Health LLC (“Ethos” or the “Company”). Headquartered in Woburn, Massachusetts, Ethos is one of the largest pure-play independent providers of specialty veterinary health services, including 24/7 emergency care, surgical procedures, radiology services and internal medicine. Ethos operates 21 specialty and emergency hospitals and employs over 300 doctors of veterinary medicine. In addition, Ethos provides a complementary suite of reference laboratory and compounding pharmacy services and has developed a well-regarded continuing education and training platform to support the ongoing professional development of its veterinarians and technicians.
Ethos has earned a national reputation among veterinary professionals for providing exceptional quality-of-care, world-class professional development as well as a veterinarian-first culture. After the recapitalization, Ethos remains majority owned by its founders and professionals in the veterinary industry under the leadership of CEO and Co-Founder Ames Prentiss and is well capitalized to further accelerate a growth strategy that will continue to focus on expanding existing hospitals, acquisitions and growth of the complementary suite of services.
Bradley M. Langer, Managing Director at Brown Brothers Harriman & Co. (“BBH”) and Co-Manager of BBHCP, commented, “We are very excited about our recent investment in Ethos, as we have been seeking a specialty veterinary health services platform for the past several years. The opportunity to partner with Ames Prentiss, along with the senior management team, was very attractive to BBHCP, as Ethos has developed a reputation as an innovative, clinically driven industry leader.”
Prentiss added, “We look forward to working with BBHCP in continuing to grow Ethos, both organically and through acquisitions, as we seek to capitalize on the demand for specialty animal health services.”
About BBH Capital Partners
BBH Capital Partners (“BBHCP”), a private equity strategy of Brown Brothers Harriman & Co., provides friendly capital solutions to growth-oriented middle-market companies. Our flexible investment mandate gives us the ability to act as a control or non-control investor and to structure our investments as a combination of equity and subordinated debt securities as needed. BBHCP typically invests between $30 million and $125 million per platform investment, and our capital is used to support a variety of transactions, including management or leveraged buyouts, growth financings, recapitalizations (including dividend recapitalizations), buy-and-build strategies and acquisitions.