Harvest Partners LP and Cressey & Company LP has led a recapitalization of VetCor Group Holdings Corp. No financial terms were disclosed. Jefferies LLC provided financial advice to VetCor on the transaction while Golub Capital arranged the senior debt. Headquartered in Hingham, Massachusetts, VetCor is an owner and operator of veterinary hospitals.
NEW YORK, NY – April 20, 2015 – VetCor Group Holdings Corp. (“VetCor” or the “Company”) completed a recapitalization led by Harvest Partners, LP (“Harvest”), a New York-based private equity firm, and Cressey & Company, LP (“Cressey”), a Chicago-based private equity firm. Terms of the transaction were not disclosed.
VetCor is one of the largest operators of veterinary hospitals in the U.S., managing 137 veterinary hospitals across 19 states and employing over 450 veterinarians. VetCor’s hospitals provide a full range of general medical and surgical services for pets, as well as pharmacy needs and ancillary services such as boarding, grooming, and pet products. The management team of VetCor, led by CEO & President Dan Adams, will continue to lead the Company.
“Given VetCor’s success, Dan Adams and his partners at Cressey had their choice of private equity firms with whom to partner. We are both thrilled and honored that they chose Harvest for VetCor’s next chapter of growth,” said Jay Wilkins, Senior Managing Director at Harvest Partners. “VetCor is one of the few scale platforms in the highly attractive and fragmented veterinary services space. We are excited to partner with Dan and Cressey to support the Company’s consolidation strategy in this stable and growing market,” added Ira Kleinman, Senior Managing Director at Harvest Partners.
“We’ve enjoyed a terrific partnership with Dan and his team over the past five years, having built the business into a quality-focused platform in a consolidating space. Harvest provides great insight and expertise in multi-site businesses, and we are excited to partner with them to support the continued growth of VetCor,” said Merrick Axel, Partner at Cressey.
“Harvest and Cressey support our commitment to providing high-quality medicine to companion animals and outstanding service to customers,” Mr. Adams said. “We are excited about the opportunities ahead in our market and in working with these exceptional partner firms to support our continued growth.”
Jefferies LLC acted as exclusive financial advisor to VetCor. Senior debt was arranged by Golub Capital. White & Case LLP acted as legal advisor to Harvest Partners. Ropes & Gray LLP acted as legal advisor to Cressey. Harvest Partners’ Stephen Carlson, James Mitchel and Matt LoSardo also worked on the transaction.
VetCor (www.vetcor.com), founded in 1997 and headquartered in Hingham, MA, owns and operates a national family of 137 veterinary hospitals employing approximately 2,400 veterinarians and supporting staff members. VetCor hospitals provide a full range of general medical and surgical services for pets, as well as pharmacy needs and ancillary services such as boarding, grooming, and pet products. The Company has distinguished itself by promoting the local identity of each hospital, offering a family friendly work environment, providing management, training and administrative support to its hospitals, and relying on the veterinarians of each hospital to manage their medical direction.
About Harvest Partners
Founded in 1981, Harvest Partners, LP (www.harvestpartners.com) is a leading New York-based private equity investment firm pursuing management buyouts and recapitalizations of middle market companies in North America. Harvest focuses on acquiring profitable companies in the business services and consumer, healthcare services, industrial and energy services, and manufacturing and industrial sectors.
About Cressey & Company
Based in Chicago, IL and Nashville, TN, Cressey & Company (“Cressey & Company”) is a private investment firm focused on building leading healthcare provider, service and information technology businesses. With a history spanning nearly 35 years, the Cressey & Company team is one of the most experienced and successful in the healthcare private equity field. More information about Cressey & Company is available at http://www.cresseyco.com.