Shore Capital Partners has completed the recapitalisation of Advanced Animal Hospital Group and Progressive Pet Animal Hospitals and merger of the businesses to form Midwest Veterinary Partners (MVP).
The Company has 22 general practice veterinary clinics in Michigan, Wisconsin, and Illinois, and provides services to companion animals including vaccinations, surgery, wellness exams, oncology, ophthalmology, allergy treatment and dermatology. Financial terms of the transaction were not disclosed.
Shore has partnered with Dr Vic Dhillon, owner of Advanced Animal Hospital Group, and Dr Jeff Rothstein, owner of Progressive Pet Animal Hospitals, to pursue a consolidation of animal hospitals throughout the Midwest.
“Since our founding, we have been firm believers that animals are not simply pets or property, they are members of the family, and we take great pride in helping to improve and maintain their health and overall well-being,” says Dhillon, Advanced Animal Hospital Group founder. “As customised veterinary solutions have become more complex and demanding, we believe that collaborating with financial and strategic partners is beneficial for our customers and, of course, their beloved pets. With Shore Capital Partners’ investment and by joining forces with Progressive Pet Animal Hospitals, we will have the additional resources and capabilities to create a leading veterinary services company in the Midwest.”
Rothstein says: “At Progressive Pet Animal Hospitals, we take great pride in offering extensive medical and preventative solutions for pets. This investment and partnership will greatly expand our bandwidth and help grow our team of passionate and knowledgeable veterinary professionals. Both Shore Capital Partners and Advanced Animal Hospital Group are well-aligned with our mission and core values and we are delighted to now be operating under the Midwest Veterinary Partners brand.”
Shore plans to invest in infrastructure to standardise operations and provide support to MVP’s current and future clinics including centralised finance, accounting, human resources, IT, sales and marketing.
With pet ownership among US households at an all-time high of 68 per cent, and an increase in the average lifespan of pets, ownership costs have continued to rise and demand for veterinary services has increased. Veterinary service expenditures in the US are expected to continue growing at more than 4 per cent CAGR, surpassing USD46 billion by 2021.
“Advanced Animal Hospital Group and Progressive Pet Animal Hospitals are terrific businesses that each have a reputation for providing high quality care and treatment for pets of all kinds, and that provide highly complementary services,” says Mike Cooper, a Partner at Shore Capital Partners. “Importantly, as pet ownership levels continue to increase, we believe this investment and merger represents a strategic opportunity to take advantage of a fragmented, yet growing market and to consolidate veterinary clinics throughout the Midwest. We are very pleased to partner with Vic, Jeff and their respective teams, and are eager to begin aggressively scaling this new company.”
