Wilton, New York-based Pet Partners Holdings has raised $21.5 million in debt financing from PNC Mezzanine Capital. Pet Partners operates full-service veterinary clinics across 11 states, and will use the financing – which was in the form of senior and junior subordinated debt with warrants – to help with continued growth. M&T Investment Banking Group, a division of M&T Bank, advised Pet Partners in the deal.
PNC Mezzanine Capital closed on a $21.5 million subordinated debt investment in Pet Partners Holdings LLC. Wilton, N.Y.-headquartered Pet Partners is an operator of 21 full-service veterinary hospitals located in eleven states east of the Rocky Mountains. PNC Mezzanine Capital’s investment supported the management team in the recapitalization and continued growth of the company, which included the acquisitions of Lewiston Veterinary Hospital, Inc. in Lewiston, Maine, and Woodstock Veterinary Clinic, Ltd. in Woodstock, Ill. PNC Mezzanine Capital led the $21.5 million junior capital financing, which was in the form of senior and junior subordinated debt with warrants. M&T Investment Banking Group, a division of M&T Bank, served as exclusive financial advisor to Pet Partners Holdings LLC.
About PNC Mezzanine Capital
PNC Mezzanine Capital is focused on financing buyouts, recapitalizations and consolidation strategies for companies in a wide range of industries, including business services, niche manufacturing and value-added distribution. PNC Mezzanine Capital has made 85 investments in 51 companies, in support of 126 transactions.
About Pet Partners Holdings LLC
Pet Partners LLC, headquartered in Wilton, N.Y., is an operator of 21 full-service veterinary hospitals. Services provided by Pet Partners’ hospitals include health and wellness exams, vaccinations and surgery of various types, as well as some advanced and emergency services, focused on small companion animals. The Company currently operates 21 hospitals in eleven states east of Rocky Mountains and is actively looking to acquire additional hospitals. For more information, visit petpartnersusa.com.
About M&T Investment Banking Group
M&T Investment Banking Group specializes in advising management and owners of middle-market companies in mergers and acquisitions activity as well as raising private equity and mezzanine capital. M&T Investment Banking professionals bring a hands-on approach and decades of experience working, both domestically and internationally, with entrepreneurs, family-owned businesses, and divisions of larger companies. M&T Investment Banking Group is a division of M&T Bank N.A.