Veterinary
Veterinary clinics and animal hospitals
What PE Ownership Means for This Industry
30-60% cost increase
PE consolidation has driven up veterinary costs 30-60%
Mars/JAB now controls over 50% of specialty vet hospitals and 25% of general practices. Average veterinary spending per pet increased from $200 to $400+ annually.
Source: Bloomberg, NYT, 2023 →
$500+ upsold per visit
Corporate vet chains push unnecessary diagnostics and wellness plans
Former corporate veterinarians report pressure to recommend $200-$500 in additional diagnostics and wellness plans per visit, regardless of medical necessity.
Source: The New Yorker, 2023
PE-Owned Brands
Banfield Pet Hospital
Owned by JAB Holding Company
Largest veterinary chain in US with 1,000+ locations inside PetSmart stores
6 locations tracked
BluePearl Veterinary Partners
Owned by JAB Holding Company
Specialty and emergency veterinary care across 100+ hospitals
3 locations tracked
Compassion-First Pet Hospitals
NVA subsidiary network of specialty and emergency veterinary hospitals
6 locations tracked
Ethos Veterinary Health
Specialty and emergency veterinary network across 140+ hospitals
7 locations tracked
Heartland Veterinary Partners
Owned by Gryphon Investors
Veterinary support organization with hundreds of affiliated general-practice clinics across the Midwest and South. A current Gryphon Investors portfolio company.
0 locations tracked
MedVet
PE-backed specialty and emergency veterinary hospital network across 40+ locations
8 locations tracked
National Veterinary Associates (NVA)
Owned by JAB Holding Company
Network of 1,400+ veterinary hospitals, acquired by Mars/JAB in 2019
5 locations tracked
Pathway Vet Alliance
Owned by TPG Capital
Merged with Thrive to create one of the largest vet platforms
7 locations tracked
PetVet Care Centers
Owned by KKR (Kohlberg Kravis Roberts)
KKR-backed veterinary network with 450+ practices
9 locations tracked
Thrive Pet Healthcare
Owned by TPG Capital
TPG-backed veterinary network with 400+ hospitals across 40 states
10 locations tracked
VCA Animal Hospitals
Owned by JAB Holding Company
Over 1,000 veterinary hospitals across North America
9 locations tracked
Vetnique Labs
Owned by Gryphon Investors
Pet health and wellness products brand (Glandex and related lines). A current Gryphon Investors portfolio company.
0 locations tracked