Cortec Group has acquired Community Veterinary Partners in partnership with the company’s senior management team. Cortec made its investment through Cortec Group Fund V, LP.
Community Veterinary Partners (CVP) owns and manages 17 veterinary hospitals located throughout the northeastern United States. The company owns hospitals in Pennsylvania (12), New York (2), New Jersey (1), Maryland (1) and Connecticut (1). CVP provides operational services – including marketing, finance, and human resources – to its hospitals which enable its veterinarians to focus on practicing medicine and providing quality pet and animal care. The company was founded in 2009 and is headquartered in Philadelphia (www.cvpco.com).
Daniel Eisenstadt, CVP’s co-founder and Chairman, and co-founder Michael Raphael will continue with the company post closing and retain significant equity ownership. “Cortec is an ideal partner for CVP, given their investment experience in healthcare and multi-site businesses and strong track record of helping founder-owned businesses achieve their next level of growth,” said Mr. Eisenstadt.
Cortec invests in middle-market specialty healthcare, consumer and business products, distribution and services companies with revenues of $40 million to $300 million and EBITDA of $7 to $35 million. The firm was founded in 1984 and is based in New York (www.cortecgroup.com).
“We believe CVP’s model of partnering with veterinarians and focus on the delivery of high quality medical services has proven to be a key differentiator in the market. CVP’s successful track record of attracting leading regional veterinarians to its network speaks for itself,” said Jeffrey Lipsitz, a Managing Partner at Cortec.
The CVP acquisition represents Cortec Fund V’s eighth and final platform investment. Cortec is now making new platform investments out of Cortec Fund VI, a $1.1 billion fund that closed in May 2015.
Piper Jaffray (www.piperjaffray.com) served as financial advisor to CVP.
© 2015 PEPD • Private Equity’s Leading News Magazine • 11-19-15
