Summit Veterinary Pharmacy lands funding from PCP

Canadian healthcare private equity firm Persistence Capital Partners has invested in Aurora, Ontario-based Summit Veterinary Pharmacy, a veterinary compounding pharmacy.

Canadian healthcare private equity firm Persistence Capital Partners has invested in Aurora, Ontario-based Summit Veterinary Pharmacy, a veterinary compounding pharmacy. No financial terms were disclosed.

PRESS RELEASE

TORONTO, April 14, 2020 /CNW Telbec/ – Persistence Capital Partners (“PCP”), a private equity fund focused exclusively on investing in high-growth opportunities in Canadian healthcare, is pleased to announce that it has made an investment in Summit Veterinary Pharmacy (“Summit”), Canada’s leading veterinary compounding pharmacy. This will be the fourth platform investment for PCP Fund III. Terms of the transaction were not disclosed.

Headquartered in Aurora, Ontario, Summit provides prescription drug services to veterinary clinics focused on companion animals. Founded in 1998 by Steve Organ after seeing a need for special doses and dosage forms for animals, Summit is an accredited Ontario pharmacy that prides itself on collaborating closely with prescribers to fill prescriptions across Canada. Summit offers many unique dosage forms to meet specific prescription needs which can help to improve a pet’s medication compliance. Summit formulates potency-tested, quality compounds to exact prescription specifications and delivers them in an innovative range of dosage forms.

“We are fortunate to be able to continue to execute on our investment strategy at PCP during these challenging times. We believe that Summit plays an essential part in ensuring the health and well-being of its clients, supporting veterinarians and their clinics as well as their patients,” said Adrianna Czornyj, Partner at PCP. “Summit is led by a strong and dedicated management team that is focused on exceptional quality and customer service. We look forward to partnering with the Summit team to support the business through its next phase of growth.”

“We are excited to partner with PCP and continuing to execute on our strategy,” added Steve Organ, CEO. “We understand how difficult it is for our clients through this unprecedented time. We are here to support them in any way that we can. We are essential to our clients, and thus have remained fully operational through this pandemic. Although we have adjusted some of our processes to ensure the safety of our employees, we continue to produce the same high-quality compounds our clients have come to expect. The investment from PCP further strengthens our ability to deliver our services to our clients.”

Stuart M. Elman, Managing Partner at PCP, said, “While we are thrilled to announce the addition of Summit to our portfolio of leading Canadian healthcare companies, we fully recognize the difficulties the ongoing COVID-19 pandemic is causing to our families and neighbours, to the economy, and to our healthcare system. We want to use this opportunity to express our sincere gratitude to the frontline healthcare professionals working to save lives. These frontline workers include many of our colleagues working at our portfolio companies that continue to ensure that their patients receive the much-needed care, pharmaceuticals, and education that they require during this difficult time. We thank you for everything you’re doing and for going above and beyond in these extraordinary times.”

About Persistence Capital Partners
Persistence Capital Partners is Canada’s leading private equity fund exclusively focused on high-growth opportunities in the healthcare field. With deep healthcare industry expertise, PCP aims to create significant long-term capital appreciation for its investors by identifying and developing attractive investment opportunities in the Canadian healthcare market. PCP has offices in Montreal, Quebec, and Toronto, Ontario. For more information about Persistence Capital Partners, please visit www.persistencecapital.com, or contact:

About Summit Veterinary Pharmacy
Established in 1998, Summit Veterinary Pharmacy Inc. is a leading accredited Ontario pharmacy offering prescription services to veterinarians and pet owners across Canada. Summit formulates quality compounds to the veterinarian’s exact prescription specifications and delivers them in an innovative range of dosage forms. Summit’s longstanding focus on quality and customer service enables veterinarians to fulfill their commitment to their clients’ health and well-being. For more information about Summit, please visit www.spvrx.ca, or contact: