Ares Management PE fund to acquire National Veterinary Associates
A fund managed by Ares Management’s private equity group is to acquire the parent company of National Veterinary Associates (NVA) from investment funds affiliated with Summit Partners.
NVA's senior management will retain a minority stake. Terms of the transaction were not disclosed, and the transaction is expected to close in the third quarter of 2014, subject to customary closing conditions.
NVA offers a full range of medical and surgical services in more than 240 companion animal veterinary hospitals across 39 states. As part of its mission, NVA provides the tools and resources for its veterinarians to deliver high quality care and client services that cater to the needs of its hospitals' local communities.
"We are excited to partner with the NVA management team as long-term investors in the company," says Nav Rahemtulla, partner in the private equity group of Ares Management. "Over the last 18 years, NVA has cultivated an exceptional reputation for providing high quality and compassionate care across its network of veterinary hospitals."
”Summit has played a vital role in growing NVA for the past seven years -- and we thank them for a very successful partnership. We are delighted to partner with the Ares private equity team as they share our vision for continued growth through identifying and supporting leading veterinary hospitals," says Greg Hartmann, chief executive of NVA.
Proskauer Rose acted as legal advisor to Ares Management. Kirkland & Ellis acted as legal advisor, Jefferies acted as lead financial advisor and William Blair & Company acted as co-financial advisor to National Veterinary Associates.
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