Blue River PetCare (Blue River), a large corporate consolidator of veterinary practices in the United States, recently LAUNCHED its sale process according to ION Analytics. Founded in 2009 and headquartered in Chicago, Illinois, operates a nationwide network of approximately 194 veterinary practice locations according to its website.
The company is led by Dan Blumenthal, Chief Executive Officer and Co-Founder of Blue River PetCare.
Blue River, a portfolio company of Partners Group (a Swiss-based global private equity firm), collected bids last month — bids for the network of hospitals was about 15x-16x EBITDA range. However, the hospital group is targeting a valuation of 17 to 19x EBITDA, according to ION Analytics.
RELATED:
- Blue River PetCare appoints Leerink Partners to explore sale (7.23.24)
https://ionanalytics.com/insights/mergermarket/blue-river-petcare-appoints-leerink-partners-to-explore-sale/- Blue River, a portfolio company of Partners Group, generates around USD 100m in adjusted EBITDA — likely to generate a low-to-mid teens EBITDA multiple, or up to USD 1.5bn, in the event of a sale.
- Caring for America’s pets and their vets (August 2023)
https://www.partnersgroup.com/~/media/Files/P/Partnersgroup/Universal/perspectives-document/20230830-partners-group-case-study-blue-river.pdf- Since 2019, the network has grown from 90 (300 doctors in 23 states) to 182 hospitals in 35 states with more than 500 veterinarians.
- Group revenues more than doubled, with average earnings per hospital up 12% in just under three years.
- EBITDA margin expansion 2019-2022 +160bps (as of April 2023).
- 24% compound annualized revenue growth.
- Scoop: Partners preps Blue River for market (8.3.22)
https://www.axios.com/pro/health-tech-deals/2022/08/03/scoop-partners-blue-river-veterinary- Partners Group is gearing up for a potential sale of Blue River Petcare, the Chicago-based network of veterinary hospitals, three sources tell Axios.
- Sources say Blue River is generating around $75 million of EBITDA — in 2019, Blue River’s adjusted EBITDA was pegged at north of $30 million.
- The 2019 deal concluded a BofA-led process that valued Blue River at around $440 million to $500 million.
- Partners Group to invest in Blue River PetCare, a leading US operator of veterinary hospitals (7.2.19)
https://www.partnersgroup.com/news-and-views/press-releases/investment-news/detail?news_id=683afd9d-36a8-4504-875d-5a6fbb34e07e- Partners Group has agreed to make a significant equity investment in Blue River PetCare — founders will continue to hold a sizeable equity stake following the transaction.
- Employee Reviews of Blue River PetCare:
- Blue River PetCare Locations – PLATFORM™
https://www.pets.care/blue-river-petcare-locations/- CARE for Pets™ has recently launched PLATFORM,™ a first-of-its-kind searchable online database tool that tracks acquisitions of veterinary consolidators for the pet care industry.