Pet Resort Hospitality Group, a portfolio company of Trivest Partners and Queens Court Capital, has acquired 5 pet resort brands bringing the total number of pet resort brands in its portfolio to 17.
Trivest formed Pet Resort Hospitality Group (PRHG) in April 2023 as a platform in the pet services sector with a specific focus on daycare, boarding, grooming, and training.
Trivest invested in PRHG through Trivest Discovery Fund II LP which closed in May 2022 with $600 million of capital. The firm’s Discovery Funds invest in founder and family-owned businesses with less than $4 million in EBITDA that operate in fragmented industries that have the potential to scale through add-on acquisitions that can be effectively integrated into a larger platform. Partnering with Trivest on PRHG are Azhar Quader, the founder of Queens Court Capital, and Eyal Cohen, a pet services operating executive.
Queens Court had previously backed Veterinary Care Group (VCG), a veterinary services company that operated three locations in the New York City area. During its 3-year investment term which began in 2018, VCG grew into a platform with more than 200 employees across 14 locations in New York and Denver. In May 2021, National Veterinary Associates (NVA), a portfolio company of private equity firm JAB, acquired VCG. Mr. Cohen served as the director of business development at VCG from 2020 to 2021 and then held the same position at NVA until he left to launch PRHG in April 2023.
The five newly acquired brands include: Meadowlake Pet Resort and Training Center, a Texas-based two unit pet resort; Playtime Pet Resort, a Pennsylvania-based two unit pet resort; Olde Towne Pet Resorts, a Washington DC-based three unit pet resort; ; Paws ‘n’ Rec, a Florida-based four unit pet resort; and Williamsburg Pet Hotel and Suites, a Missouri-based single unit pet resort.
PRHG’s first acquisition was the April 2023 buy of Play All Day, a five-location pet services company that provides daycare, boarding, grooming, and dog bath services. The company operates across New Hampshire and Massachusetts. Including the five new acquisitions, PRHG now has 6 operating brands, 17 locations, more than 600 employees, and more than 1,700 daily pet visits.
“Trivest and PRHG both believe in the power of partnering with and growing founder and family-owned businesses in fragmented industries like pet services. All these companies have strong teams and aspirations for growth we’re already supporting through our portfolio support group. We’re thrilled the platform is growing so rapidly and we look forward to continued growth in 2024,” said Brian Connell, a partner at Trivest.
Trivest was founded in 1981 and has completed more than 500 transactions totaling over $8 billion in value. Sectors of interest include niche manufacturing, distribution, business and healthcare services, and consumer industries. Trivest has approximately $4 billion in assets under management and an investment team of more than 60 professionals with offices in Coral Gables (headquarters), Los Angeles, New York City, Chicago, Charlotte, and Toronto.
“As I sought to retire, I wanted to partner with a company that understood the unique needs of both our customers and our employees and would foster us towards the next phase of growth,” said Carroll Ray, the owner and operator of Meadowlake Pet Resort. “Working with PRHG is allowing my longstanding employees incredible career opportunities and I know our customers and their pets will be well taken care of for years to come.”
“Our experience operating pet resorts prior to forming PRHG helped us identify these first key partners. Together, we’re looking forward to delivering unrivaled hospitality for pet parents, quality care for pets, and newfound opportunities for our team,” said Mr. Cohen.
PRHG is continuing to pursue add-on acquisitions with pet resorts across the US and is also focused on growing the six existing brands in their portfolio. “Partnering with Trivest allowed us to quickly fund these acquisitions and bring together a world-class team of pet care owners and operators under the PRHG brand. With the addition of these five incredible brands to the PRHG family, we are realizing our vision of becoming one of the leading pet services companies in the country,” said Mr. Quader.
Queens Court Capital is a special situations and control-oriented investor based in New York City.
© 2024 Private Equity Professional | March 14, 2024
