Pamlico Capital Announces Sale of Veterinary Practice Partners (VPP)
King of Prussia, PA
Pamlico Capital (“Pamlico”) announced today that its portfolio company, Veterinary Practice Partners (“VPP” or the “Company”), a leading veterinary practice management group, has been acquired by Audax Private Equity (“Audax”). The Company’s management team, led by CEO John McDonough, will continue to lead VPP, and remain significant owners of the business. Additional terms of the transaction were not disclosed.
VPP, headquartered in King of Prussia, Pennsylvania, has a differentiated, co-ownership model that enables veterinarians to focus on providing high quality care to patients and foster a strong culture at their individual hospital, while VPP provides operational support across learning and development, HR and recruiting, marketing, technology, and finance. VPP partners with veterinarians across more than 85 practices in over 20 states, caring for over 200,000 patients.
Since investing in VPP in the summer of 2016, Pamlico helped the Company execute its organic and inorganic growth strategy, successfully optimizing clinic-level performance and accelerating business development efforts by partnering with over 60 additional hospitals. Pamlico also supported the build-out of VPP’s management team, including transitioning Executive Chairman John McDonough into the CEO role and adding several key senior leaders.
“Pamlico was a great strategic partner for VPP. Their guidance and strategic advice helped us achieve our growth initiatives and create a leading co-ownership platform in the veterinary industry.” said VPP CEO John McDonough.
Scott Perper, a Partner at Pamlico, said, “VPP has built an incredibly strong team under the thoughtful leadership of John McDonough. The team’s tremendous achievements during the time of our investment were the result of carefully forged partnerships with VPP’s Doctors of Veterinary Medicine as well as the excellent care provided to their patients.”
Pamlico Partner Brian Chambers added, “We could not be prouder of what John and the team have accomplished. This transaction further validates their vision and the strategies they developed for building an animal health services company. On behalf of Pamlico, we thank them for their efforts and will root for their continued success with Audax.”
William Blair and Cain Brothers served as financial advisors and Alston & Bird LLP served as legal advisor to Pamlico and VPP on the transaction.
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 approximately $4 billion. For additional information, please visit www.pamlicocapital.com.