Key Takeaways
- • Audax Private Equity announced a strategic growth investment in Veterinary Practice Partners (VPP), a veterinary practice management group owned by Pamlico Capital, with terms not disclosed.
- • VPP partners with veterinarians across more than 85 practices in over 20 states, caring for over 200,000 patients, using a co-ownership model with its veterinarians.
- • Audax is backing VPP's next phase of growth, including expansion of its hospital footprint, service offerings and doctor relationships, according to the announcement.
- • Audax Private Equity has invested over $7 billion in more than 140 platforms and is investing from its $3.5 billion, sixth private equity fund.
Summary
Audax Private Equity ("Audax") has announced a strategic growth investment in Veterinary Practice Partners ("VPP"), a veterinary practice management group that is a portfolio company of Pamlico Capital, according to a Business Wire release dated December 6, 2021. The companies did not disclose the terms of the transaction.
VPP describes its mission as transforming the pet health industry by providing high-quality care to companion animals and service to their families. The company partners with veterinarians across more than 85 practices in over 20 states, serving more than 200,000 patients. Its co-ownership model allows veterinarians to focus on patient care and hospital culture, while VPP provides centralized operational support in learning and development, HR and recruiting, marketing, technology and finance.
John McDonough, CEO of VPP, said the partnership will help the company meet growing healthcare needs for pet families, expand its hospital footprint and services, and maintain its focus on doctor relationships and client service. Adam Abramson, Managing Director at Audax, said the business "has tremendous momentum" and offers "truly unique co-ownership and development opportunities for doctor-partners."
William Blair and Cain Brothers acted as financial advisors to Pamlico and VPP, with Alston & Bird LLP as legal advisor. Ropes & Gray LLP served as legal counsel and Guggenheim Securities, LLC as advisor to Audax.
Audax Group, founded in 1999, is an alternative investment manager with offices in Boston, New York and San Francisco. According to the firm, it has raised over $30 billion across its Private Equity and Private Debt businesses. Audax Private Equity focuses on North American middle-market companies through a Buy & Build approach that supports add-on acquisitions, and it is currently investing from its $3.5 billion sixth private equity fund.
VPP describes its mission as transforming the pet health industry by providing high-quality care to companion animals and service to their families. The company partners with veterinarians across more than 85 practices in over 20 states, serving more than 200,000 patients. Its co-ownership model allows veterinarians to focus on patient care and hospital culture, while VPP provides centralized operational support in learning and development, HR and recruiting, marketing, technology and finance.
John McDonough, CEO of VPP, said the partnership will help the company meet growing healthcare needs for pet families, expand its hospital footprint and services, and maintain its focus on doctor relationships and client service. Adam Abramson, Managing Director at Audax, said the business "has tremendous momentum" and offers "truly unique co-ownership and development opportunities for doctor-partners."
William Blair and Cain Brothers acted as financial advisors to Pamlico and VPP, with Alston & Bird LLP as legal advisor. Ropes & Gray LLP served as legal counsel and Guggenheim Securities, LLC as advisor to Audax.
Audax Group, founded in 1999, is an alternative investment manager with offices in Boston, New York and San Francisco. According to the firm, it has raised over $30 billion across its Private Equity and Private Debt businesses. Audax Private Equity focuses on North American middle-market companies through a Buy & Build approach that supports add-on acquisitions, and it is currently investing from its $3.5 billion sixth private equity fund.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.