Advent agrees to investment in Conservice, Morgan Stanley’s Pathway Vet Alliance goes to TSG for $2.65bn, Fed takes emergency measures

The Federal Reserve implements emergency measures to adjust to the new reality and Advent agrees to invest in Conservice.


Welcome to a new world. This weekend, it feels like for a lot of people, the reality of what we’re facing in this country (and what much of the world has already faced), sunk in … finally. Schools are closed, restaurants and bars are out (or should be), store shelves are empty … it’s a new world. Hopefully only temporarily.

With society largely closing up, the economy is slowing. To try and stave off a recession, the Fed yesterday (on a Sunday!) announced a series of emergency moves to try and prop the financial system. The Fed said it would cut the federal-funds rate to a range of between 0 percent and 0.25 percent and buy $700 billion in Treasury and mortgage-backed securities, along with several other changes.

How is this all affecting you and your ability to do your job? I imagine firms are having to dig into the portfolio and work with their companies to weather the economic downturn. What are you doing to shore up your defenses? Reach me at

Meanwhile, you’ll notice the Wire today looks skimpy. The news flow dried up last week and it’s looking pretty slow today.

Deal: Looking for a recession-resistant investment opportunity? Veterinarian care is seeing a lot of activity right now. Morgan Stanley Capital Partners agreed to sell Pathway Vet Alliance to TSG Consumer Partners in a deal valued at $2.65 billion, writes Sarah Pringle on PE Hub. Read it here.

Morgan Stanley first invested in Pathway Vet Alliance in 2016 through a founder recapitalization. The firm will remain a minority invest in the company. Pathway runs clinics and also has a group purchasing organization, Veterinary Growth Partners.

Software: Advent International agreed to invest in Conservice, which provides utility management software and billing services to property owners and managers. Advent is joining TA Associates as an investor in the company. TA first invested in 2016. Conservice management will remain investors in the company, with founder and CEO David Jenkins remaining the largest non-institutional investor.
Advent executives Eric Wei, managing director, and Ashwin Krishnan, principal, are joining Conservice’s board of directors. Read the news brief here on PE Hub. Read more.

Top Scoops
Private equity secondaries morphed from a mechanism to save struggling managers into a tool to help a growing number of top-performing PE firms extract value from their best-performing assets that still have upside potential by holding them longer, writes Justin Mitchell on Buyouts. Read more.

Have a great Monday, Hubsters. If you’re working from home or in the office, reach me with your thoughts, tips, gossip, whatever at, on Twitter or find me on LinkedIn.