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
BluePearl Veterinary Partners
Owned by JAB Holding Company
Specialty and emergency veterinary care across 100+ hospitals
Compassion-First Pet Hospitals
NVA subsidiary network of specialty and emergency veterinary hospitals
Ethos Veterinary Health
Specialty and emergency veterinary network across 140+ hospitals
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.
MedVet
PE-backed specialty and emergency veterinary hospital network across 40+ locations
National Veterinary Associates (NVA)
Owned by JAB Holding Company
Network of 1,400+ veterinary hospitals, acquired by Mars/JAB in 2019
Pathway Vet Alliance
Owned by TPG Capital
Merged with Thrive to create one of the largest vet platforms
PetVet Care Centers
Owned by KKR (Kohlberg Kravis Roberts)
KKR-backed veterinary network with 450+ practices
Thrive Pet Healthcare
Owned by TPG Capital
TPG-backed veterinary network with 400+ hospitals across 40 states
VCA Animal Hospitals
Owned by JAB Holding Company
Over 1,000 veterinary hospitals across North America
Vetnique Labs
Owned by Gryphon Investors
Pet health and wellness products brand (Glandex and related lines). A current Gryphon Investors portfolio company.