Nov 4, 2024 - Business

Private equity preps major veterinary care merger

Dan Primack

Illustration of a dog wearing a cone made out of money. — Illustration: Allie Carl/Axios

Private equity firm Shore Capital Partners is in advanced talks to merge a pair of its veterinary practice platforms, via an $8.6 billion recapitalization sponsored by Silver Lake, as first reported by Bloomberg and confirmed by Axios.

Why it matters: This would create one of the country's largest pet services group with over 750 facilities, and is being driven by the pandemic-era boom in pet ownership.

Shore began building its initial platform in 2014, but a source says the firm doesn't want to exit before those dogs and cats get older and require increased care.
Silver Lake sees the same geriatric opportunity, via its partial ownership of European vet services giant IVC Evidensia.

Zoom in: Shore's limited partners with exposure to Southern Veterinary Partners and Mission Veterinary Partners would have the option to cash out entirely, roll over their stakes, or do a combination.

The bottom line: Pet owners will do almost anything for their fur babies, and private equity knows it.

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Private equity preps major veterinary care merger

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