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Scoop: Tyree & D'Angelo's Western Vet in market

Oct 31, 2022
Illustration of hundred dollar bills in the shape of a dog's head and two floppy ears.

Illustration: Victoria Ellis/Axios

A sale process is underway for Tyree & D'angelo Partners' veterinary platform Western Veterinary Partners, multiple sources tell Axios.

Why it matters: Despite tightened debt markets and some shelved sale processes, veterinary platforms have still been fetching high double-digit EBITDA multiples.

  • Deal prices that start with 'B' have been more difficult to come by, but not impossible. See VetCor's $1.1 billion-plus buy of People, Pets, & Vets.

Details: William Blair is advising Denver-based Western Vet, with first-round bids collected earlier this month, sources tell Axios.

  • Western Vet generates around $40 million in EBITDA, the sources say.
  • The company has geographic presence across 36 states, according to its website.

Flashback: Tyree D'Angelo acquired Western Vet in June 2019 for an undisclosed amount.

State of play: Deal multiples for general practice vet groups have climbed steadily through the pandemic-fueled pet boon, though the sector is not immune to the labor crisis hitting all corners of health care. PP&V's trade was a success story and now we've got our eyes on a number of others. (Any updates on these? Write to us.)

  • Partners Group-backed Blue River Petcare, which Axios reported is gearing up for a sale.
  • North Castle Partners-backed Encore Vet Group, which Axios wrote kicked off a sale process earlier this year via Harris Williams.
  • Compass Group Equity Partners-backed CareVet, which hired Lincoln International for sale advisory early this year. But it's unclear if the business ever formally went to market.
  • Shore Capital Partners hired Goldman Sachs and Jefferies to explore a sale of SVP, Mergermarket reported earlier this summer.

Tyree & D'Angelo and William Blair did not respond to a request for comment.

Sarah Pringle contributed to reporting.

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