Trilantic North America has completed a minority investment in Rarebreed Veterinary Partners, a veterinary services business. Co-founders including CEO Dan Espinal and COO Sean Miller retained meaningful equity stakes in the business. Existing investors in Rarebreed, including Caremi Investments, Northwood Ventures and Halle Capital Management also participated in the financing round. Financial terms were not disclosed.
NEW YORK – September 28, 2020 – Trilantic North America, a leading private equity firm, announced today that it has closed a substantial minority investment in Rarebreed Veterinary Partners (the “Company” or “Rarebreed”), a technology-enabled veterinary services platform.
Founded in 2018 in Portland, Maine, Rarebreed is focused on taking care of the people who take care of animals, with the goal of becoming the employer of choice for those dedicating their professional lives to veterinary care. Today, Rarebreed employs more than 450 people across its footprint of 17 veterinary practices in the Northeast, including the recent acquisition of Greenwich Village Animal Hospital, its first location in New York.
“We were drawn to the opportunity to invest in Rarebreed for a number of reasons, including their flexible, partnership-oriented approach to M&A, and the team’s thoughtful investments in building a platform that leverages technology and systems to deliver value that will continue to scale,” said Jamie Manges, Partner at Trilantic North America.
“What Dan and Sean have been able to build in a short period of time is remarkable,” added Ted Rosenwasser, Principal at Trilantic North America. “A core tenet of our investment approach at Trilantic North America is to partner with high-growth, founder-led businesses, and the Company has positioned itself well to benefit from the rising demand for companion animal healthcare services as pets are increasingly viewed as members of the family.”
The investment by Trilantic North America will be used to fund Rarebreed’s growth plan, with co-founders Dan Espinal, CEO, and Sean Miller, COO, retaining meaningful equity stakes in the business, and who will continue to lead the Company through its next phase of growth.
“Trilantic North America has a long track record of partnering with founder-led businesses, and quickly understood our focus on service delivery and our objective to attract leading veterinary talent to the Rarebreed platform,” said Espinal. “This investment enhances our ability to further invest and deliver a truly exceptional work experience for animal healthcare professionals.”
Miller added, “Our key focus is on delivering a best-in-class experience to our clinical professionals and staff. When they can focus on operating at the top of their profession, our patients, stakeholders and partners all stand to benefit.”
Rarebreed’s existing equity investors, including lead investors Caremi Investments Limited, Northwood Ventures and Halle Capital Management, also participated in the financing round.
Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP, and Kirkland & Ellis LLP provided legal advice to Rarebreed and Trilantic North America, respectively.
About Trilantic North America
Trilantic Capital Management L.P. (“Trilantic North America”) is a private equity firm focused on control and significant minority investments in North America. Trilantic North America’s primary investment focus is in the business services, consumer and energy sectors. Trilantic North America has managed six private equity fund families with aggregate capital commitments of $9.7 billion. Trilantic North America has been recognized by Inc. Magazine’s 2019 list of Top 50 Founder-Friendly Private Equity Firms. For more information, visit www.trilanticnorthamerica.com.
About Rarebreed Veterinary Partners
Rarebreed is focused on taking care of the people who take care of animals with the goal of becoming the employer of choice for those dedicating their professional lives to veterinary care. Rarebreed accomplishes this by bringing industry leading benefits to bear, including outsized parental leave, pet medical benefits, and best-in-class healthcare benefits for anyone working more than 30 hours a week. Rarebreed invests in business operations and a technology backend that provides deep analytics into the practice. For more information, visit www.rarebreedvet.com.