- The investment will be used to accelerate EverVet’s growth
- Joe Luceri, EverVet co-founder and CEO, and Len Podolsky, co-founder and chief development officer, will continue to lead the company
- Freeman Spogli invests in consumer and distribution companies in the US
Freeman Spogli has made an investment in EverVet Partners, a Conshohocken, Pennsylvania-based veterinary services platform. No financial terms were disclosed.
Spogli’s investment will help accelerate EverVet’s growth through strategic partnerships with veterinarians and further enhance the company’s operational initiatives, veterinarian recruiting efforts and technology.
The company’s existing investor Tailwind Capital will continue to support EverVet and be an equal partner with Freeman Spogli following the transaction.
Joe Luceri, EverVet co-founder and CEO, and Len Podolsky, co-founder and chief development officer, and the EverVet management team will remain shareholders and will continue to lead the company’s day-to-day operations.
Founded in 2020, EverVet’s animal hospital portfolio has grown to 21 clinics across a targeted set of markets primarily in the Mid-Atlantic, Midwest, Northeast and Southeast.
“We are excited to partner with Freeman Spogli as EverVet continues building a veterinarian and customer-focused organization,” said Luceri, in a statement. “We chose Freeman Spogli as our new partner given our cultural alignment, their extensive experience successfully building consumer services and consumer healthcare brands, and experience scaling businesses organically and through M&A.”
EverVet was advised by Lincoln International and Davis Polk & Wardwell. Freeman Spogli was advised by Morgan Lewis & Bockius LLP. MidCap Financial will continue to lead the debt financing facility to support EverVet’s future growth.
Freeman Spogli invests in consumer and distribution companies in the United States. Since its founding in 1983, Freeman Spogli has invested over $5.5 billion in 69 portfolio companies with an aggregate transaction value of over $27 billion and has completed over 140 add-on acquisitions with its portfolio companies.
Tailwind Capital is a middle market private equity firm focused on services companies in three core subsectors – infrastructure services, supply chain and IT services.