CareVet, a growing network of veterinary hospitals, recently made its 100th acquisition of veterinary practices within the U.S. since its founding in 2018 according to KSDK NEWS.

The veterinary hospital group is led by CEO Greg Siwak (a former private equity executive) and founded CareVet with Dr. Kent Thornberry. The company plans to invest $75 million in its facilities in the next five years.

CareVet currently operates animal hospitals (acquired hospitals keep their local brand name, a “non-branded” strategy) in 30 states with annual revenues of more than $150 million and 1,600 employees. Its first acquisitions were in the midwest and now focuses on opportunities nationwide.

RELATED:

CareVet – Company Profile & Hospital Locations:
https://www.pets.care/carevet/

COMPASS GROUP EQUITY PARTNERS:
https://www.cgep.com/portfolio

• The veterinary hospital group had backing from Compass Group Equity Partners, a St. Louis private equity firm led by Managing Partner John Huhn according to KSDK News.

LIVING WAGE INITIATIVE LAUNCHED BY NATIONAL HOSPITAL NETWORK (4.9.21)
https://www.veterinarypracticenews.com/living-wage-initiative-launched-by-national-hospital-network/

• All employees of CareVet will now receive compensation of $15 or more per hour. The group is the first company in the veterinary industry to achieve the standard for its employees, CareVet reports.

CASE STUDY: LACK OF OWNERSHIP TRANSPARENCY IN VETERINARY PRACTICES

• CARE for Pets™ recently completed a first-of-its-kind study on ownership transparency in veterinary practices operating within the state of Arizona (October 2021). Our research shows based on third-party job listing websites (the CareVet website does NOT provide a directory listing of owned and operated animal hospital locations) that CareVet operates atleast one veterinary practice in the state of Arizona and was included in this case study.
  • CASE STUDY: Is Your ‘Local’ Animal Hospital Corporate-Owned?
    https://www.pets.care/is-your-local-animal-hospital-corporate-owned/

RECENT NEWS:

Comvest Credit Partners Announces Investment in CareVet (7.27.21)
https://www.globenewswire.com/news-release/2021/07/27/2269460/0/en/Comvest-Credit-Partners-Announces-Investment-in-CareVet.html

• Comvest Credit Partners (“Comvest”) has acted as Administrative Agent and Sole Lender in providing an upsize to its existing Senior Secured Credit Facility (the “Financing”), totaling $103 million, to CareVet.
• Comvest Partners is a leading middle market private equity and credit investment firm with over $6.5 billion of assets under management.
  https://comvest.com/portfolio/carevet/