Scoop: Tyree & D'Angelo's Western Vet in market
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.
- Five months later, the sponsor sold another veterinary portfolio company, Heartland Vet, to Gryphon Investors, for around $350 million to $400 million.
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.