Morgan Stanley Capital’s Pathway goes to TSG for $2.65bn

TSG Consumer makes a big splash in vet care amid other activity in the lower middle market, with L1 Health's Destination Pet buying VitalPet out of bankruptcy following Cortec's recent acquisition of Lap of Love.

As the recession-resilient vet care industry remains a highly sought-after area of investment, companies large and small, including Morgan Stanley Capital Partners’ Pathway Vet Alliance, VitalPet and Lap of Love, are trading hands, according to several sources familiar with the deals.

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