The private equity firm Cortec Group has purchased a minority stake in Lap of Love, a 10-year-old veterinary hospice and in-home euthanasia service provider.
Lap of Love co-founders Dani McVety, DVM, and Mary Gardner, DVM, will remain with the company.
“We have recently had investors come join us to help further the growth of our company,” marketing director Stephanie Couture said. “Dani and Mary still own a significant part of the company and continue to lead our team.
“All leadership and personnel still remain intact and will remain so for the foreseeable future,” Couture said. “No huge change here except additional funding to grow our company and mission.”
The size of the investment was not revealed.
“Our success working with entrepreneur- and family-owned businesses in health care and veterinary services provided Cortec with a unique appreciation for Lap of Love’s compelling value proposition to companion animals, their families and other veterinarians,” Cortec co-president Jeff Lipsitz said.
Lap of Love plans to enter new markets and better serve existing markets, said Jeff Shannon, a managing partner at Cortec.
Florida-based Lap of Love manages 135 veterinarians across more than 30 states and the District of Columbia.
In other news, Lap of Love announced the launch of fee-based, 30-minute “teleadvice” consultations.
“We’re following the same process … we’ve been using with all of our pet owners with our in-home care services,” Dr. McVety said. “First, they can call 855-968-1118 to speak with our support center or they can submit an inquiry online.
“Our support center staff will listen to the concerns of the pet owner and can book a 30-minute virtual phone or Skype appointment with one of our … veterinarians.”
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