Pamlico Capital has acquired Veterinary Practice Partners from Deerfield Management Company which founded the company in 2011. CEO and co-founder Rich Lester, along with the rest of the management team, will continue as significant investors in the company.
Veterinary Practice Partners (VPP) provides its partner clinics – the company offers a co‐ownership model – with marketing, financial reporting and HR management services. Since founding in 2011, VPP has grown through acquisitions and de novo development to a portfolio of 22 clinics in 10 states and expects to have approximately 28 clinics by year end 2016. VPP is headquartered near Philadelphia in King of Prussia, PA (www.vetpartners.com).
“The management team at VPP is excited to partner with Pamlico Capital,” said Mr. Lester. “Their involvement with co‐ownership business models, accelerating growth at their portfolio companies, and specific experience in multi‐site healthcare, will be invaluable as we look to expand our business.”
Pamlico Capital invests from $25 million to $100 million in companies with total enterprise values of between $50 million and $250 million. Sectors of interest include business and technology services, communications, and healthcare. Pamlico was founded in 1988 and is based in Charlotte (www.pamlicocapital.com).
“Pamlico had identified the veterinary services market as an area of focus and was actively seeking an opportunity in the space,” said Pamlico Partner Scott Perper. “We are impressed with the caliber and breadth of the VPP management team, as well as the opportunity the company has to capitalize on the favorable trends in the veterinary services market.”
VPP is the eleventh platform investment for Pamlico Capital III, a $650 million fund which closed in October 2013.
Deerfield Management Company, the seller of VPP, is an investor in the healthcare sector and has offices in New York, Shanghai, and near Lausanne in Epalinges, Switzerland (www.deerfield.com).
Harris Williams & Co. (www.harriswilliams.com) served as the financial advisor to VPP. The transaction was led by Geoff Smith, Whit Knier, Nick Owens and Taylor Will of the firm’s healthcare & life sciences group.
© 2016 Private Equity Professional • 8-2-16