- Heartland is a veterinary support organization in the U.S.
- FVG was co-founded in 2019 by President Chase Michalek, who will be staying with the business
- Based in San Francisco, Gryphon Investors backs middle-market companies
Heartland Veterinary Partners, which is backed by Gryphon Investors, has acquired Family Vet Group, a provider of general practice veterinary care. No financial terms were disclosed.
Heartland is a veterinary support organization in the U.S.
FVG’s practices are located across major metropolitan areas in Florida, Texas, Tennessee, North Carolina, and Indiana. Headquartered in the north suburbs of Chicago, FVG was co-founded in 2019 by President Chase Michalek, who will be staying with the business.
“The significant rise in pet ownership over the last few years has created strong opportunities for practices that offer quality veterinary care in inviting settings,” said Luke Schroeder, deal partner and head of the healthcare group at Gryphon. “This acquisition significantly expands Heartland’s network of locations and adds to Heartland’s expertise in the development of new practices and expansion of existing locations, both of which will help address unmet demand in the industry,”
As part of the transaction, FVG’s family ownership group, Highland Ventures LTD will retain the underlying real estate of the practices. In addition, Highland Ventures LTD will serve as a strategic real estate partner to support Heartland’s facility expansion strategy.
Based in San Francisco, Gryphon Investors backs middle-market companies. The firm has managed over $9 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $600 million.