TPG Twin Brook has increased its credit facilities to Western Veterinary Partners, a Tyree & D’Angelo Partners (TDP) portfolio company since June 2019.
Western Veterinary Partners (WVP) provides non-clinical support services to a network of general veterinary practitioners specializing in companion animal care, offering medical, dental, and surgical care for pets. TDP formed Denver-headquartered WVP in June 2019 to invest in and manage veterinary clinics.
Today, WVP is led by CEO Carollee Brinkman and operates over 250 veterinary hospitals across more than 35 states, with estimated annual revenues of nearly $290 million and EBITDA of more than $100 million.
TPG Twin Brook first backed WVP in 2021 when the business had just over $10 million of EBITDA. Since then, it has led seven facility upsizings, increasing the total debt offered to WVP to over $700 million, including a large, delayed draw term loan facility. TPG Twin Brook is the administrative agent for WVP’s debt facilities.
In March 2023, to support WVP acquisition activities, the company received additional equity investments from a group of institutional limited partners, including existing and new TDP investors, with TDP maintaining its control equity position. This equity transaction was led by LGT Capital Partners, Hamilton Lane, and Apogem Capital.
“Since we first provided a credit facility to Western Veterinary Partners in 2021, we have executed seven facility upsizings as administrative agent and have watched the company significantly scale its business while providing services to its affiliated veterinarians, customers, and patients,” said Tim Wentink, a partner at TPG Twin Brook. “We believe the company is on a compelling growth trajectory, and we look forward to continuing to work with Tyree & D’Angelo Partners to support its growth.”
Chicago-based TPG Twin Brook focuses on loans to private equity-owned companies with EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below. The firm targets senior financing opportunities up to $200 million, with hold sizes across the platform ranging from $25 million to $150 million. TPG Twin Brook’s products include opportunistic investments in second lien, mezzanine, and equity co-investments.
TDP makes control investments in North American-based companies with annual revenue of less than $50 million and annual EBITDA of $1 million to $5 million. Areas of specific interest include fragmented sectors within the healthcare, consumer, and business services sectors, with many add-on acquisition opportunities. TDP was founded by its co-CEOs and managing partners, Michael Tyree and Enzo D’Angelo, and is headquartered in Chicago with an additional office in Dallas.
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