Mars Petcare Grabs a Bigger Slice of Vetsource
No changes are expected in management or with other veterinary industry investors.
Mars Petcare is now the majority owner of Vetsource, an online prescription management and analytics platform serving thousands of U.S. veterinary practices and providing home delivery to pet owners nationwide.
As the controlling partner, Mars Petcare is “eager to help accelerate” Vetsource, said Doug Drew, president of Mars Veterinary Health North America.
“Like Vetsource, Mars Petcare believes in a robust pet care marketplace in which practices of all types have access to the tools and platforms that Vetsource offers to help them compete and thrive,” Drew said.
Details of the transaction were not released, but Vetsource reported that “access to additional capital” was an anticipated outcome. According to the investment services company Stifel, other partners included MWI Animal Health, Patterson Veterinary Supply, Bain Capital Ventures and “management/others”— each with an approximately 20% share before the reshuffling.
Portland, Oregon-based Vetsource stated that the company, founded in 2008, will “continue to operate with the current management team and investors representing a cross section of the pet care industry.”
Vetsource CEO Kurt Green called the investor shakeup “an important milestone in our company’s history.”
“Mars Petcare has been an enthusiastic partner and investor for years,” Green said.
Privately owned Mars Petcare’s other veterinary holdings include the Banfield, VCA and BluePearl hospital networks and Antech Diagnostics.
Among Vetsource’s leading competitors are Covetrus-owned Vets First Choice, Chewy and 1-800-PetMeds.
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