MedVet’s expansion strategy gets financial backing
Goldman Sachs and SkyKnight Capital invest in the Ohio-based network of specialty hospitals.
MedVet, a chain of specialty and emergency veterinary hospitals, is planning further expansion after receiving an investment from SkyKnight Capital and the Goldman Sachs Merchant Banking Division.
Harris Williams LLC reported advising MedVet during the negotiations, but the company did not disclose the size of the investment. Previous financing provided by Stonehenge Partners and SkyKnight Capital helped the chain grow from five hospitals to the current 24.
“MedVet is an exceptional company, and we are excited to expand our partnership,” said Matthew Ebbel, managing partner of SkyKnight Capital. “With this investment, MedVet is extremely well positioned to continue its nationwide expansion and deliver on its mission to lead specialty health care for pets.”
Harris Williams noted that MedVet “will remain majority veterinarian owned and led.”
Columbus, Ohio-based MedVet is headed by CEO Eric Schertel, DVM, Ph.D., DACVS, and chief medical officer Linda B. Lehmkuhl, DVM, MS, DACVIM. The company’s 24 hospitals employ more than 2,000 people from Pittsburgh to Northern California.
The veterinary industry appeals to big investors.
“The transaction is indicative of the strong interest and activity that we’re seeing from investors in the veterinary services sector,” said Whit Knier, a director at Harris Williams.