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Oak Hill Capital Partners leads recapitalisation of VetCor

Oak Hill Capital Partners (Oak Hill) has led a transaction to recapitalise VetCor Group Holdings Corp (VetCor) alongside significant new investment from existing shareholders Harvest Partners, Cressey & Company and the VetCor management team. Terms of the transaction have not been disclosed.

VetCor is one of the largest operators of veterinary hospitals in the US, managing 272 locations across 28 states and employing approximately 900 veterinarians. VetCor hospitals provide a full range of general medical and surgical services for pets, as well as pharmacy needs and ancillary services such as boarding, grooming, and pet products. The management team of VetCor, led by CEO Dan Adams, will continue to lead the Company.
 
“In adding Oak Hill alongside our established investment partners, we gain not only the strength of another top-tier, highly regarded firm, but a strategic partner who places great value on the culture and reputation that are foundations of our Company’s success,” says CEO Dan Adams. “VetCor’s future has never been brighter, as we continue to expand our network and our level of collective resources for our hospitals to best serve their patients, clients, and communities.”
 
“We have great admiration for the business that Dan Adams, Peter DeFeo, and the team have built. The Company has become a leading platform within the veterinary services space that is focused on providing exceptional, patient-client-tailored care,” says Brian Cherry, a partner at Oak Hill. “We are excited to partner with VetCor, Harvest and Cressey to support the Company’s next phase of growth, both organically and through continued strategic acquisitions.”
 
Steve Puccinelli, a partner at Oak Hill, adds: “We believe VetCor is well-positioned to continue its long history of consistent growth. We have tremendous respect for VetCor’s heritage and its strong leadership team. This transaction is consistent with Oak Hill’s longstanding theme-based investment philosophy and systematic approach to value creation, and it builds upon our thirty year history of investing behind leading businesses and management teams.”
 
Jefferies acted as exclusive financial advisor to VetCor. Jefferies and Golub Capital have underwritten and will arrange first and second lien financing in connection with the transaction. Paul, Weiss, Rifkind, Wharton & Garrison is serving as legal counsel to Oak Hill. White & Case is serving as legal counsel to Harvest Partners. Ropes & Gray is serving as legal counsel to Cressey.

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