Pamlico Capital Announces Recapitalization of Veterinary Practice Partners
Pamlico Capital (“Pamlico”) and the management team of Veterinary Practice Partners, LLC (“VPP” or the “Company”) announced today that Pamlico has completed a recapitalization of the Company. CEO and Founder Rich Lester, along with the rest of the management team, will continue as significant investors in VPP and continue to grow and manage the network of veterinary hospitals partnered with the Company. Detailed terms of the transaction have not been disclosed.
Founded in 2011, VPP is a rapidly expanding veterinary practice management company with a differentiated, co-ownership model that promotes deep ongoing engagement from its veterinary partners and leads to a broader universe of acquisition opportunities. The Company provides its partner clinics with a comprehensive service offering, including marketing, financial reporting and HR management. The company has grown through acquisitions and de novo development to a portfolio of 22 clinics in 10 states and expects to be approximately 28 clinics by year end 2016.
Mr. Lester noted, “The management team at VPP is excited to partner with Pamlico Capital. 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 Partner Scott Perper said, “Pamlico had identified the veterinary services market as an area of focus and was actively seeking an opportunity in the space. We are tremendously impressed with the caliber and breadth of the management team, as well as the opportunity VPP has to capitalize on the favorable trends in the veterinary services market.” Pamlico Principal Brian Chambers added, “VPP is a leading platform with a differentiated co-ownership model. Their existing veterinarian partners praise VPP’s collaborative approach and value-added management services and these strong partner relationships are key to driving growth going forward.” VPP is the eleventh investment in Pamlico Capital III, a fund with $650 million of committed capital.
VPP was advised by Harris Williams & Co (exclusive financial advisor) and Robinson Bradshaw & Hinson, P.A. (legal advisor). Pamlico was advised by Alston & Bird LLP (legal advisor).
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $200 million alongside founders and proven leaders in its target industries: communications, healthcare, services and software. The firm, based in Charlotte, NC, has assets under management of almost $3.5 billion. For additional information, please visit www.pamlicocapital.com.