The global investment firm KKR & Co. has agreed to purchase the 125-hospital PetVet Care Centers network for an undisclosed price.
The transaction, announced Dec. 27, is expected to lead to further expansion of PetVet, which has moved into 22 states since its founding in 2012. The Westport, Connecticut, company’s strategy is to purchase existing general, emergency or specialty hospitals and maintain the practice identity and culture.
“We are excited to partner with PetVet and its affiliated veterinarians to accelerate the company’s track record of organic and acquisitive growth,” said Max Lin, a member of KKR’s health care team.
KKR, which manages more than $150 billion in assets across a wide range of industries, is acquiring PetVet from a number of shareholders, including the Ontario Teachers’ Pension Plan and the private-equity firm L Catterton.
“With KKR as our new partner, we look forward to working with their team to realize our vision of making a difference in the lives of our pet patients and pet parents as well as veterinarians and employees,” said Gino Volpacchio, PetVet’s founder and CEO.
PetVet is far from the largest corporate practice network. Banfield Pet Hospital and VCA, both owned by Mars Inc., operate about 1,000 and 750 clinics, respectively.
PetVet’s highest-ranking veterinary executive is chief medical officer Larry Berkwitt, DVM, DACVIM.