WESTPORT, Conn. & NEW YORK--(BUSINESS WIRE)--
PetVet Care Centers, LLC ("PetVet") announced today that KKR is
acquiring PetVet from Ontario Teachers' Pension Plan, L
Catterton, and other existing shareholders. Financial details of the
transaction were not disclosed.
This press release features multimedia. View the full release here:
PetVet is a leading acquirer and operator of general practice and
specialty veterinary hospitals for companion animals. The Company
provides a full spectrum of veterinary services ranging from
preventative and primary care to emergency critical care and surgeries.
PetVet works in partnership with over 600 board certified specialists
and general veterinarians across its network of 125 locally branded
hospitals in 22 states.
"PetVet partnered with Ontario Teachers' because of its deep
experience investing in multi-site healthcare platforms, and this
transaction marks the next stage of our company's evolution," said Gino
Volpacchio, Chairman and Chief Executive Officer of PetVet. "With KKR as
our new partner, we look forward to working with their team to realize
our vision of making a difference in the lives of our pet patients and
pet parents as well as veterinarians and employees."
"PetVet has established itself as a leading veterinary care provider
with an unmatched reputation for customer satisfaction and
differentiated focus on local communities," said Max Lin, Member of KKR.
"We are excited to partner with PetVet and its affiliated veterinarians
to accelerate the Company's track record of organic and acquisitive
"Together with L Catterton, Ontario Teachers' has helped PetVet
grow from 30 hospitals in 2014, to become one of the premier veterinary
hospital companies in the nation," said Jane Rowe, Senior Managing
Director, Private Capital at Ontario Teachers' Pension Plan. "We thank L
Catterton for its continued contribution, and vision in founding the
company 6 years ago."
Andrew C. Taub, a Managing Partner of L Catterton's Buyout Fund
said, "We are proud of our successful partnership with Gino and PetVet
since its inception in 2012, as well as the substantial growth the
company has achieved."
KKR is making its investment primarily through its Core Investments
strategy, which represents capital targeting longer-term compounding
Jefferies LLC acted as exclusive financial advisor and Weil, Gotshal &
Manges LLP acted as legal advisor to PetVet. Simpson Thacher & Bartlett
LLP served as legal counsel to KKR. Fully committed debt financing will
be provided by Jefferies and KKR Capital Markets.
About PetVet Care Centers
PetVet Care Centers was founded in January 2012 by Gino Volpacchio,
Chairman and Chief Executive Officer, and L Catterton.
Headquartered in Westport, CT, PetVet is a leading acquirer and operator
of general practice and specialty veterinary hospitals with 125
facilities located across 22 states. PetVet partners with its affiliated
veterinarians to deliver high quality and cost effective care across the
full spectrum of veterinary services. For more information, please visit www.petvetcarecenters.com.
KKR is a leading global investment firm that manages multiple
alternative asset classes, including private equity, energy,
infrastructure, real estate, credit and, through its strategic manager
partnerships, hedge funds. KKR aims to generate attractive investment
returns by following a patient and disciplined investment approach,
employing world-class people, and driving growth and value creation with
KKR portfolio companies. KKR invests its own capital alongside its
partners' capital and provides financing solutions and investment
opportunities through its capital markets business. References to KKR's
investments may include the activities of its sponsored funds. For
additional information about KKR & Co. L.P. (NYSE: KKR), please visit
KKR's website at www.kkr.com
and on Twitter @KKR_Co.
About Ontario Teachers'
The Ontario Teachers' Pension Plan (Ontario Teachers') is Canada's
largest single-profession pension plan, with $180.5 billion in net
assets at June 30, 2017. It holds a diverse global portfolio of assets,
approximately 80% of which is managed in-house, and has earned an
annualized gross rate of return of 10.1% since the Plan's founding in
1990. Ontario Teachers' is an independent organization headquartered in
Toronto. Its Asia-Pacific region office is located in Hong Kong and its
Europe, Middle East & Africa region office is in London. The
defined-benefit plan, which is fully funded, invests and administers the
pensions of the province of Ontario's 318,000 active and retired
teachers. For more information, visit otpp.com
and follow us on Twitter @OtppInfo.
About L Catterton
With over $14 billion of equity capital across six fund strategies in 17
offices globally, L Catterton is the largest and most global
consumer-focused private equity firm in the world. L Catterton's
team of more than 160 investment and operating professionals partners
with management teams around the world to implement strategic plans to
foster growth, leveraging deep category insight, operational excellence,
and a broad thought partnership network. Since 1989, the firm has made
over 200 investments in leading consumer brands. L Catterton was
formed through the partnership of Catterton, LVMH and Groupe Arnault.
For more information about L Catterton, please visit lcatterton.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171227005049/en/
Kristi Huller or Cara Kleiman Major
Source: KKR & Co. L.P.
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